Economists have revealed what most citizens feared might happen - the UK housing market is double dipping into recession mode. Net lending figures can be described in one way, jaw dropping. August posted a figure of 1.62 billion pounds compared to 112 million pounds in September.

There will be no significant improvements in those figures anytime soon, either. The best mortgage loan deals are being offered primarily to those who have substantial down payments for the property.

One economic advisor of Ernst and Young ITEM Club, Nida Ali, commented on the housing market and the impact of the double dip, saying: "The UK housing market is indeed in the midst of a double-dip.

"Housing demand continues to be depressed while those willing to buy a house will have difficulty in financing their purchase.

"This coupled with the fact that an increasing number of people are putting their properties on the market is exerting a downward pressure on prices.

"Moreover, recent trends suggest that the state of the wider economy - particularly the labour market - is likely to remain unsupportive in the months ahead. Thus house prices will continue falling during the rest of the year and into 2011."

The Bank of England figures show mortgage approvals have now fallen for the fifth straight month to slightly more than 47,000. This sets a new low standard not seen since February of this year.

Vicky Redwood, a UK economist at Capital Economics, commented on the housing market challenges, saying: "September’s UK household borrowing figures provide more evidence – as if any were needed – of the problems in the housing market.

"The number of mortgage approvals edged down very marginally from their already exceptionally low level of 47,500. These low levels of activity now seem to be contributing to renewed falls in house prices."