The latest figures from the make seriously grim reading. The seasonally adjusted value of loans approved in June for homes dropped to a third of what it was in the same month a year ago.

The figures read: Β£3,297 million June 2008 against the already pitiful Β£4,243 million in May 2008 and compared with pervious years Β£9,826 million in June 2007 and Β£9,517 million in June 2006.

This points to a further fall in and more and worsening hardship for an already pressed industry.