Gross mortgage lending by building societies was £1.6 billion in November, compared to £1.7 billion in October, according to the Building Societies Association (BSA).

It notes that there is usually a reduction in lending from October to November, and when seasonal factors are adjusted for, building society lending was £1.5 billion in November, the same as October.

Adrian Coles , BSA director-general, said: “Although the housing market has stabilised slightly in recent months following the drop in activity at the start of the year