Data from UK Finance shows gross mortgage lending across the residential market was £23.1bn in November this year, a 2 per cent decline from November 2017.
The quantity of mortgages approved by high street banks also dropped, recording a 10.6 per cent fall.
The data found approvals for house purchase to be down 1.2 per cent, remortgage approvals are 20.3 per cent lower and approvals for other secured borrowing has seen a 12.2 per cent drop.
Meanwhile, the data shows credit card borrowing has grown by 5.3 per cent and personal borrowing through loans and overdrafts has increased by 2.5 per cent within the 12-month period.
UK Finance believe this has resulted in credit card spending seeing a 7.5 per cent increase, standing at £11.3bn.
Furthermore, personal deposits in total have experienced a 0.7 per cent growth and deposits held in instant access accounts have risen 3.1 per cent in the year to November.
Personal Finance at UK Finance managing director Eric Leenders says: “Overall mortgage borrowing across the residential property market remains stable and the trend in households’ cash savings remains steady.
“Total credit card spending increased in November. The increase in spending, which is largely offset by cardholder repayments, reflects the growing use of credit cards as a preferred form of payment.”