There were 28,932 mortgages approved for house purchase in January, according to the British Bankers’ Association (BBA). This figure is 29% lower than a year ago.

BBA statistics director, David Dooks said: “We are seeing little change in the borrowing environment for households or businesses at the start of 2011. The high street banks have seen more remortgaging activity of late as people look to fix costs. The banks’ mortgage lending growth continues to exceed the rest of the market.