Mortgage lending activity continued to reduce in January with only 23,400 loans for house purchase completed, down from 32,400 in December and 48,600 in January 2008, according to the Council of Mortgage Lenders (CML). The decline in house purchase lending was spread evenly between first-time buyers and home movers. There were 14,500 loans to home movers, down from 20,200 in December and 30,600 in January 2008. There were 8,900 loans to first-time buyers, down from 12,200 in December and 18,000 in January 2008.

Full story: yourmortgage.co.uk