According to the Council of Mortgage Lenders, the number of loans granted fell to 15,100 in the last three months, down 18 per cent from the previous quarter and compared with 28,500 mortgages in the same period last year.

However, Scotland accounts for a record high share of new lending in the UK, at 12 per cent.

The average amount borrowed was 75 per cent of the property's value, down from 80 per cent a year ago, while the typical income multiple fell from 2.89 to 2.78 over the year, reflecting increasingly tight lending criteria.

Of the loans granted, 35 per cent were to first-time buyers, in line with the UK level.

There were 5,300 loans to first-time buyers worth £481 million, down from 6,600 loans in the second quarter.

On average, Scottish first-time buyers put down a deposit of 16 per cent.

Kennedy Foster, policy consultant for the CML in Scotland, said the one-year fall in lending was less pronounced in Scotland than elsewhere in the UK.

But he added: "As the Crosby report recognised earlier this week, intervention is needed to restore the availability of mortgages and we hope to see its recommendations implemented swiftly.

"This would help address the mortgage supply issues, but consumer demand for loans will continue to fall away in the weaker economic outlook."

The report by former HBOS chief executive Sir James Crosby, unveiled alongside the Pre-Budget Report on Monday, recommended the government temporarily support the mortgage-backed securities market to help lenders raise more money with which to fund mortgages.