The latest figures from the Council of Mortgage Lenders (CML) revealed there were 49 per cent fewer house purchase loans in January 2010 than December 2009.
Some 32,000 mortgages were issued, worth a total of £4.7 billion, demonstrating the effect of the end of the temporary stamp duty holiday, the CML said.
First-time buyers recorded the largest drop of 54 per cent, with a total of 11,300 mortgages issued to this group, worth £1.3 billion.
The mortgage figures were an improvement on those from January 2009, the CML pointed out, and the fall had been predicted.
"We expect lending over the coming months to remain weak as uncertainty over of the state of the economy and the upcoming election are likely to continue to hold back housing market activity," commented CML director-general Michael Coogan.
CML economist Paul Samter has also spoken of housing market uncertainty, suggesting a larger than usual seasonal fall in activity this spring.
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