Gross mortgage lending fell -60% from a year ago in February to £9.9bn, the lowest since February 2001, according to the Council of Mortgage Lenders (CML).

The -15% monthly fall from January’s figure of £11.7bn was much bigger than the 3-4% decline the CML said the market usually experiences at that time of year. But the CML said February’s number was in line with its forecast for £145bn of lending in 2009 as a whole.

Analysts expect the housing market to remain weak for some time.