Gross mortgage lending decreased 4% in November 2013 to an estimated £17bn from the £17.6bn recorded in October according to the Council of Mortgage Lenders (CML).

Despite this fall gross mortgage lending was 30% higher than a year earlier in November 2012 when only £13bn was lent.

Bob Pannell, CML chief economist, said: "Gross lending for 2013 looks set to reach £170 billion - higher than the £156 billion we originally forecast, but still a far cry from the £363 billion experienced at the height of the lending boom in 2007. New rules are hardwired in a more risk-averse lending environment for the future and so, while we expect lending to rise in line with better economic conditions, the next two years are unlikely to see lending levels getting very far above £200 billion a year."