Further evidence of a continuing slump in mortgage lending has come from the industry.

The Council of Mortgage Lenders estimates that gross mortgage lending reached £13.4bn in February.

This is 9% down on both January and on last February, in both of which months £14.8bn was advanced.

This is the lowest monthly estimate for gross mortgage lending since April 2013 when lending totalled £12.4bn.

February’s estimated fall follows other new data from the CML, covering January.

It said that first-time buyer lending had crashed 27% from December, and 14% year-on-year. Home mover loans were down 24% on a monthly basis and 17% on an annual comparison.

CML chief economist Bob Pannell said: “Earlier soft approvals data meant that weaker February lending has not come as a surprise.

“Seasonal factors tend to weigh on activity at the start of the year, but looking through these, the underlying picture appears to be stabilising.

“We expect lending to improve in the coming months, as employment and earnings continue to pick up and the impact of recent stamp duty reforms start to feed through.”

However, Andy Knee, chief executive of property services firm LMS, said the latest figures were “disappointing” and indicative of the struggle that both first-time buyers and home movers face.