Mortgage lending down 8 percent in November

Can you hear that sound? It is the sound of the UK housing market getting crunched. The market has just hit a wall.

Today, the Council of Mortgage lenders poured more cold water on the housing market. According to their latest press releave, gross lending declined to an estimated £30.7 billion in November, down 8% from £33.5 billion in October and 8% from £33.2 billion in November 2006, according to the Council of Mortgage Lenders.

As the press release starkly put it: "this is the first time that monthly lending levels have dropped below the same month in the previous year since July 2005, and clearly demonstrates the market slowdown has started. "