Gross lending fell on an annual basis for the second consecutive month in December.
According to figures published today by the Council of Mortgage Lenders, lending was down 1 per cent year-on-year from £16.7bn to £16.5bn. Lenders advanced the same in December as the month before.
While lending in December was down year-on-year, it reached £205.6bn in 2014, up 17 per cent on 2013’s £176bn, and was the strongest year since 2008.
CML chief economist Bob Pannell says: “Housing market activity has been cooling and house price growth slowing in recent months, but 2014 was still the strongest year for mortgage lending since 2008.”
SPF Private Clients chief executive Mark Harris says: “While we expect the housing market to be more subdued over the next few months, we are still predicting lending in the region of £215bn for the year.”