The number of mortgages advanced to people buying a property dropped for the fifth consecutive month during December as activity in the housing market remained subdued.
Just 39,900 loans were advanced for house purchase during the month, 4% fewer than in November and the lowest level since February last year, according to the Council of Mortgage Lenders.
The figure was also 37% lower than it was in December 2009, when lending levels were boosted by people rushing through purchases to beat the end of the Government’s stamp duty holiday.
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