U.K. Mortgage Loans Sink to Lowest Point Since 2005 in December

London–Gross mortgage lending in the U.K. hit its lowest level since May 2005 last month due to tough lending situations and low confidence in the housing industry, according to data from the London-based Council for Mortgage Lenders.Gross mortgage lending dropped to £22.6 billion in December, 25 percent below November’s lending volumes. Although the housing market is often slow at the end of the year, lending volumes usually only decline 6 percent between November and December, The Financial Times reports.Members of the Council for Mortgage Lenders assume roughly 98 percent of U.K. residential mortgage lending. The council’s figures are viewed as an indication of future market action.