U.K. gross mortgage lending remained unchanged in December from November, the Council of Mortgage Lenders reported Thursday.
Compared to December 2013, lending fell by 1 percent. This means the gross lending estimate for the fourth quarter was GBP 51.6 billion, down 8 percent on quarter but up 1 percent from last year.
For 2014, the gross lending estimate was GBP 205.6 billion, up 17 percent on 2013's GBP 176 billion gross lending figure.
"Although lending remained muted in December, the previous monthly pace of decline in approvals appeared to moderate," CML chief economist Bob Pannell said.
"So, alongside the big picture of a softer market, we are beginning to detect signs that underlying market conditions may be stabilising."
IHS Global Insight's Chief UK Economist Howard Archer sees housing market activity picking up to a limited extent in 2015 from current levels, which is expected to result in house prices rising by around 5 percent over the year.
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