The Council of Mortgage Lenders has estimated that gross mortgage lending reached £16.9 billion in November.

This is 9% lower than October’s figure of £18.6 billion, and matches the £16.9 billion seen in November last year.

CML economist Mohammad Jamei said: “Current activity in the housing market has eased with transactions back down to levels seen almost a year ago.

“The reform in stamp duty is likely to provide a modest short-term boost in activity over the next few months, but its impact will fade away in the medium term.”

Jonathan Harris, director of mortgage broker Anderson Harris, added: “The steady year-on-year picture is rather different from the 40% year-on-year jump in January but makes for a more sustainable and healthy market.

“The CML expects this picture to continue into next year with a steady increase in lending but nothing too dramatic. The stamp duty reforms are likely to provide a boost in the short term to the lower end of the market but the mortgage market review reforms have made it harder for many people to get a mortgage.

“With the Bank of England suggesting that the first interest rate rise won’t be until the end of next year, at the earliest, this will boost activity in the mortgage market. Many lenders are cutting their rates in an effort to generate more business. There are some great mortgage offers around for those buying or remortgaging, and this will continue well into next year.

“All we need now is for lenders to come up with innovative products that will solve some of the issues created by MMR. In particular, something directed at older borrowers who are struggling to get a mortgage, remortgage or even guarantee a child’s mortgage because of their age.”