Mortgage lending remains low despite showing a slight improvement in November, figures have shown.

According to new figures released by the Building Societies Association (BSA), net mortgage lending for November had slightly increased to £422 million compared to £413 million in the previous month.

Despite the increase, figures by the BSA show that mortgage lending was still down in comparison to £790 million recorded in November last year.

However, Director General, Adrian Coles, of BSA believes that the mortgage market “is not deteriorating” despite net mortgage remaining low.

He said: “It is encouraging to note that after the negative net advances figures in the summer the last three months have seen positive figures which suggests perhaps that the market is not deteriorating.

With recent figures from the Land Registry suggesting that property prices continued to fall in November and with concerns over job security high, it is no surprise that buyers are keeping out of the market.”

Meanwhile, it is expected that other lenders will refuse to pass the Bank of England’s recent base rate cut after Nationwide revealed that it will not pass cuts on their tracker mortgages.

According to head of mortgages, Louise Cuming of a price comparison site, the past three cuts has led the mortgage market to “astonishing lows.”

She said: “With the majority of borrowers on trackers benifitting from significant reductions in their monthly payments.”