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The extent of the impact of the financial crisis on the UK has been highlighted by plummeting mortgage lending figures for the month of December.
Gross mortgage lending was down by almost half in Britain in December compared to December 2007, figures from the Mortgage Lending Council showed today.
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According to the council gross mortgage lending reached just £12.6 billion (A$26.7 billion) in December compared to £24 billion ($A50.8 billion) one year ago.
Overall total mortgage lending in 2008 was down by 30 per cent compared to 2007 and at its lowest level since 2002, highlighting both the lack of liquidity available to lenders and the impact of the deteriorating economy and falling house prices on borrower activity.
