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Mortgage lending falls by 9% in April
The amount of money lent in mortgages fell by nine per cent in April, according to the latest figures from the Council of Mortgage Lenders (CML).
Gross lending totalled £10.4 billion in April compared with £11.4 billion in March - 60 per cent lower than the amount seen in the same month last year.
The CML said the figure was affected by Easter falling in April this year instead of March, with lending for the two months combined down 57 per cent from 2008.
Michael Coogan, director of the CML, said: "It's still too early to spot a clear pattern of recovery in the housing market as some commentators have suggested.
"Activity remains weak, and we have said we will see volatility in monthly lending figures as we bounce along at the bottom of the market."
The CML has maintained its gross lending forecast for 2009 on the whole at £145 billion.
New figures from the John Charcol Index revealed that more first-time buyers are entering the market.
The figures showed first-time buyers now represent one-fifth of all house purchasers.