The number of loans to people moving house dropped 27% on the month in January and 7% on the year to 23,000, figures from the Council of Mortgage Lenders show.
The amount borrowed fell 25% on the month and 4% on the year to £4.9bn. CML director-general Paul Smee described the decline in those moving as stubbornly persistent.
Remortgaging activity jumped 54% in value terms and 46% in volume terms on the month. On the year, the figures were 22% and 21%, respectively.
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