Gross mortgage lending in 2017 was £256.1bn, up 4 per cent from 2016, according to UK Finance figures.
December gross mortgage lending was around £20.2bn, up 1.2 per cent annually and down 12.2 per cent from November’s £23.1bn.
House purchase approvals were 24,840 in December 2017 down 21.2 per cent compared to December 2016.
Approvals were up 2.9 per cent in 2017 compared to 2016.
UK Finance managing director of personal finance Eric Leenders says: “December is traditionally a quieter month for mortgages, although the underlying trend of increased numbers of first time buyers, supported by government initiatives such as Help to Buy, continues. Mortgage rates remain low, driven by a competitive market, so customers should shop around for the best deals.”
SPF Private Clients chief executive Mark Harris says: “December was a quieter month for the mortgage market, as one might expect, with the festive season providing its usual distractions.”