Gross mortgage lending drops to £18.2bn in February

The total is 8 per cent lower than January’s lending total of £19.8 billion, and closely matches the £18.1 billion lent in February last year.

Commenting on market conditions in the CML’s market commentary for February, CML senior economist Mohammad Jamei, said: “Mortgage lending is holding up well, but under the surface buyers face mixed fortunes. First-time buyers and customers who are remortgaging are driving total lending, while home movers and buy-to-let remain weak.

“The weakness in home movers means few properties are coming onto the market for sale, which is aggravating a supply demand imbalance that has characterised the market since late 2013. This looks set to continue at least over the next few months, posing an obstacle for would-be borrowers.”