Mortgage lending falls by 10 per cent

Mortgage lending fell by 10 per cent during November as the market suffered its traditional seasonal slowdown, figures showed today. A total of £12bn was advanced during the month, down from £13.3bn in October and 14 per cent less than in November last year, according to the Council of Mortgage Lenders (CML). The group said a modest decline was typically seen between October and November, although the 10 per cent fall was ‘a little larger’ than normal. But it added that market conditions were holding steady and it did not expect much change during the coming months. The CML’s economist, Paul Samter, said: ‘There could be a modest decline in underlying house buying activity in early 2010 due to the stamp duty holiday ending, with activity ‘bunching’ over the last few months of 2009.’