Discussing the findings, CML director general Michael Coogan said the housing market was experiencing "its most challenging period since Labour came to power a decade ago".
He added: "We now expect a slower mortgage market next year, although by no means a stagnant one.
"Most borrowers will cope, but not everyone will escape unharmed from the effects of a slower market, so the government should make it a policy priority to overhaul the system of state support for homeowners, which has lagged pitifully behind the times."
The CML is a trade association which represents around 98 per cent of residential mortgage brokers in the UK market.
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