The Council of Mortgage Lenders has reported that home-owner house purchase lending totalled £10.7bn in November 2015, down 9% on October but up 18% on November 2014.

First-time buyers borrowed £4.2bn for home-owner house purchase, down 9% on October but up 14% on November last year. This totalled 27,900 loans, down 8% month-on-month but up 10% year-on-year.

The CML said that home movers took out 32,300 loans, down 10% month-on-month and up 9% compared to November 2014. In total, this was £6.5bn borrowed, down 10% on October but up 20% year-on-year.

Home-owner remortgage activity was down 9% by volume and 14% by value compared to October. Compared to November 2014, remortgage lending was up 24% by volume and up 36% by value.

Gross buy-to-let saw month-on-month decreases, down 6% by volume and 8% by value, but the substantial growth year-on-year continued.

Paul Smee, director general of the CML, said: “As expected, mortgage lending activity eased back as the normal dip in the winter months began. There was still growth across all lending types in November compared to the year earlier suggesting continued improvement. Our forecasts anticipate that gross lending will continue a slow but steady upward trajectory over the next two years.”

John Phillips, national operations director at Just Mortgages, said: “October was always going to see a rise in mortgage applications due to the increased concern around regulation, and it is promising to learn that house purchase lending has increased year-on-year in November.

“However, I think the remortgaging figures are artificially high because many people who had a fixed rate had come to the end of their term and decided to move on to a SVR, which boosted remortgaging figures as a result.

“Remortgage lending was up nearly a quarter by volume compared to November 2014, and it is clear that despite the normal dip in activity in the winter months, lending activity is improving although it is likely to continue at a steadier pace.”