Gross mortgage lending declined to an estimated £12.4 billion in January, an 8% fall from £13.5 billion in December and a 52% fall from January 2008, according to the Council of Mortgage Lenders (CML).

A slight decline is typically experienced between December and January. However, this is the lowest monthly total since April 2001.

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Bob Pannell, CML Head of Research, commented: "Mortgage lending activity continues to be very weak and while people are searching eagerly for some signs of recovery, it would be unrealistic to expect a meaningful revival in lending in coming months. Even when conditions do improve, gross lending will be one of the later measures to recover."

(CD/JM)