Some 47,185 loans were approved for those buying a new home in October, the lowest level since February.
This news has prompted experts to claim that the UK mortgage market is "severely depressed" and that house prices show no signs of improving.
Paul Diggle, an economist at Capital Economics, said that the latest figures underline the message that the mortgage market is experiencing a lull in activity.
"We expect it to remain that way throughout 2011," he said.
"The troubles in the mortgage market are still with us. With little chance of a meaningful recovery in mortgage approvals for the foreseeable future, we expect that credit conditions will continue to weigh on house prices for some time to come."
Meanwhile, the Mortgage Works recently added new fixed and tracker rate products to its prime residential range.
Added to this, the provider has made improvements to its existing products.?
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