The housing market in the UK is in a permanent holding pattern, and seeking some relief. Figures released from the Council of Mortgage Lenders were less than flattering for November, as mortgage approvals equaled October results. November saw a total of 44,000.

The figure from November is a decrease from 2009 by 15%. At the time, people were rushing to make property purchases before the stamp duty had a chance to expire on them. The approval number from November is just another somber reminder of the position the housing market sits in right now.

The CML also released information on first-time buyers. Their plight is as challenging as every other possible home buyer in the UK.

The CML figures showed first-time buyers were having to provide a 20% deposit on their home selection. This makes the ninth consecutive month the loan-to-value is at an 80% level.

Michael Coogan, director of the CML, discussed the availability of funds for first-time buyers, saying:  "It is encouraging to see credit criteria becoming a little more liberal for first-time buyers. But the funding and capital constraints on lenders will continue to exert a dampening effect on lending, and criteria are unlikely to loosen substantially."

The number of remortgages over the course of the year of 2010 also dropped. For the year, they saw a decline of 12% to 26,000. November was a different story though, as figures rose 4% from October.

Many economists see the lack of affordable mortgage products as a limiting factor to growth in the housing market for 2011. More products available which home buyers can actually fit into their budget, is what will create expansion.

One of the analysts who sees further decline in prices is Howard Archer, IHS Global Insight. He believes there is potential for average prices within the housing market to fall another 7%. The average price would then dip to 150,000 pounds.

Archer commented with a brief analysis of what will impact the market in the coming months, saying: “Critical to the development of house prices over the coming months will be the amount of houses coming onto the market, mortgage availability, how well the economy and jobs hold up as the fiscal squeeze increasingly kicks in, and what happens with interest rates.”