Mortgage lending fell in January

The housing market remained stuck in the doldrums last month, with gross mortgage lending declining by 13 per cent compared with December, according to figures from the Council of Mortgage Lenders (CML).

Though 5 per cent higher at £9.2bn in annual terms, the low level of lending bodes ill for the housing market.

Moreover, the CML said comparisons with early 2010 were distorted as some people brought forward purchases at the end of 2009 to take advantage of the stamp duty concession in place at the time.