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Housing hit as lending figures fall further

The housing sector has taken a hit today with news that mortgage lending has slipped again, despite recent signs the market may have been beginning to recover.

Mortgage lending dropped by 2 per cent in May, with £10.3 billion advanced during the month down from £10.5 billion in April.

The figure is also 58 per cent lower than May 2008, the Council of Mortgage Lenders said.

The group said the decline may have been driven by a further fall in the number of people remortgaging, though, with record low interest rates putting people off doing so.