Gross mortgage lending during the month was £9.5bn, almost identical to January's low level, the Council of Mortgage Lenders (CML) said.
The lenders' group said 2011 would be "challenging" for the housing market.
A shortage of homes caused rents to rise for tenants, a separate survey indicated.
Rents rose by 0.2% in February to £684 a month, following a dip in the cost to tenants in January, the research from LSL Property Services found. (read more)