As the market downturn deepens, latest figures show the situation is the worst in severity, in terms of the decline in volumes and nominal house prices, than any other during the post-war period. HBF economic affairs director John Stewart has highlighted the fact that 18 months into the 1988–92 slump, mortgage approvals for house purchase fell by 31%–and by 57% from peak to trough during its entirety. Whereas in the 18 months to date of the current slowdown, approvals have already fallen by 64%. <br><br>In addition, house prices in the ten months since August 2007 have already fallen by 9.6%–two thirds of the 13% fall which occurred during the whole five years of the last downturn, according to the Halifax index. Transactions–which are down by half from their late 2006 peak, have now fallen further than from peak to trough during the 1988–93 recession, when they fell by 39%, or from peak to trough during 1978–81, when they fell by 17%.<br><br>Stewart commented: “If this feels like the worst housing downturn of your working life, that’s because it is. While there is no single policy solution to the current crisis, which is being driven by global financial forces, there is an …