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Mortgage lending 'dropped in January'
Gross mortgage lending fell by 32 per cent in January from the previous month, according to new research.
The latest figures from the Council of Mortgage Lenders (CML) revealed that total lending reached £9.1 billion, which was also a 21 per cent fall from £11.5 billion recorded in January 2009.
A decline is usually seen during December and January, but the latest figure is the lowest seen since February 2000.
Paul Samter, economist at the CML, said the figures highlight how the market remains in "a period of uncertainty".
He added: "More recent developments have been influenced by the end of the stamp duty holiday, and are likely to foreshadow a larger than usual seasonal drop off in activity in the early part of this year."
Earlier this week, research by the CML highlighted that the number of loans provided to first-time buyers in the UK reached a two-year high in December 2009, as people looked to take advantage of the final days of the stamp duty concession.