Mortgage lending falls 52% year-on-year

Gross mortgage lending declined to an estimated £12.4bn in January, an 8% fall from £13.5bn in December and a 52% fall from January 2008, show figures from the Council of Mortgage Lenders.

A slight decline is typically experienced between December and January, however, this is the lowest monthly total since April 2001.

Bob Pannell, head of research at the CML, says: “Mortgage lending activity continues to be very weak and while people are searching eagerly for some signs of recovery, it would be unrealistic to expect a meaningful revival in lending in coming months.

‘Even when conditions do improve, gross lending will be one of the later measures to recover.”