Dramatic drop in loans for housing

Applications for mortgages were down by more than a quarter last year – yet another sign that the property market has slowed.

Credit reporting agency Veda Advantage said there was a 27 per cent decrease in housing loan applications last year compared with 2006.

The slowdown continued into January, when there were 14 per cent fewer applications than in January last year. Veda’s figures also showed the largest decline in mortgage inquiries by age group was among 30 to 40-year-olds – classic first home buyers – with a 26 per cent drop.

Veda said the figures were evidence of the extent to which the brakes had been applied to the housing market

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