The Council of Mortgage Lenders’ (CML) recent data showed that gross mortgage lending totalled an estimated £18.7bn in October, almost +7% higher than what was an admittedly weak £17.5bn lent in September.

The monthly total was -44% lower than gross mortgage lending of £33.4bn in October 2007.

Michael Coogan, CML’s director general, said: “While lending in October ticked up from a low figure in the preceding month, the outlook is one of continuing weakness for housing and mortgage markets in the coming months, despite the bank’s rate cuts in October and November.

“Consumer confidence is now being affected by the worsening economic outlook. However, any recovery in lending is also being held back by the continuing shortage of mortgage funding.”