Gross lending fell to an estimated £30.7 billion in November, down 8 per cent on October and the same period last year, according to the Council of Mortgage Lenders (CML). October gross lending came in at £33.5 billion in October, while it was £33.2 billion in November 2006. This is the first time that monthly lending levels have dropped below the same month in the previous year since July 2005, and clearly demonstrates the market slowdown has started.