Mortgage lending continued to tumble in February, falling by 60% compared to the same month last year.

Figures from the Council of Mortgage Lending show that only £9.9bn in gross mortgage lending was approved by banks and building societies in February, a 15% fall on January's figures and the lowest level since February 2001.

The CML cautioned that February is typically the slowest month in the year for new mortgage approvals and said that the low monthly figures were in line with its predictions.

The Times