Gross mortgage lending in November was 5% down on October’s figure at an estimated £11.1 billion, according to the Council of Mortgage Lenders (CML).
The trade body says that the figure reflects the distortion in lending that arose towards the end of last year’s stamp duty concession, as the November figure is 10% lower than the £12.3 billion advanced in November 2009. As the lowest November total since 2000 (£10.9 billion), this is the fifth consecutive month where gross mortgage lending has been at its weakest since the equivalent month in 2000.
Bob Pannell, CML chief economist, said: “The fall in gross mortgage lending in November reflects the usual seasonal slowing of activity at this time of year
