Mortgage lending remained weak throughout the month of December, according to The Council of Mortgage Lenders (CML).

The month of December is traditionally a quiet period, with perspective buyers choosing to wait until the New Year before purchasing.

The number of approved loans for buyers was 39,000 for the month, a 4% drop with November, and a significant 37% drop compared to December 2009.

CML have highlighted that this drop was a result of buyers rushing to beat the end of 2009’s stamp duty holiday.

2010 saw mortgage lending rise slightly, with 529,300 new loans approved for house buyers, a 3% rise from 2009.

However, the council has stated that mortgage lending remains at a historically low level for the country.

The figures from CML show that mortgage lending has stabilised in 2010, following a sharp decent in 2008 and 2009.

As a result of the ongoing mortgage rationing, first time buyers are continuing to struggle to break into the property market, with large deposits to secure their mortgages being the stumbling block.