Lending hits historic low

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Mortgage lending looks set to hit a three-decade-long low, it is warned.

The Council of Mortgage Lenders said it is predicting net lending is expected to total 6bn next year - down from an estimated 9 billion this year and 110 billion in 2006 before the credit crunch began.

The group said the figure would be the lowest annual total since 1980, when the market was much smaller.