It is important to keep a sense of perspective about the credit crunch. It is not the case that credit has dried up completely. In August, banks handed out over 40,000 mortgages to people buying homes. Banks have simply tightened up their lending criteria. If you want a mortgage today, you better convince the bank that you can pay them back. That means a big deposit, some credible proof of income and a house purchase that doesn't leave you crushed under a ton of debt. In fact, the credit crunch is really a return to prudent old fashioned banking.
The really worrying thing about the credit crunch is that sustainable economic growth in the UK seems to be inconsistent with responsible banking practices.
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