Gross mortgage lending in October fell to its lowest October level in a decade, at an estimated £12.4 billion. This was unchanged from September but down 9% from £13.6 billion in October 2009.

The CML said the month-on-month annual comparison is likely to continue to decrease a little in the coming months, because underlying lending volumes rose sharply in the latter part of 2009 as borrowers rushed to take advantage of the stamp duty concession before the end of the year.

David Whittaker, managing director of Mortgages For Business, said: “These figures offer no comfort to those of us worried about the availability of credit in the market. Lenders are beginning to resemble Sisyphus’ boulder