Mortgage lending at six-year low

Mortgage lending for 2008 fell 30 per cent to a six-year low according to the Council of Mortgage Lenders. The value of new mortgages fell steadily throughout the year, culminating in an 11 per cent drop from November 2008 to December. December 2008 was 47 per cent down on December 2007 figures. Traditionally December’s figures are among the lowest of the year.