The Bank of England has reported that the number of loan approvals for house purchase was 70,837 in December, compared to the average of 69,462 over the previous six months.

The number of approvals for remortgaging was 41,708, compared to the average of 39,540 over the previous six months.

In addition, the number of approvals for other purposes was 12,258, compared to the average of 11,725 over the previous six months.

Richard Pike, Phoebus Software’s sales and marketing manager, said: “Well it’s official, the 2015 mortgage market finished on a high with lending in the month above the six month average in every aspect.

“The figures for remortgages show that this area, which has been sluggish, was boosted probably by the rash of deals on offer at the end of the year. Whether that will continue in the new year is the next question. Although rates are not all important for every client when it comes to remortgaging then rate is usually the driver.

“As for the rest of the market, the rush to complete on buy-to-let or second home mortgages before the end of March is likely to push numbers up and give us further growth in the first quarter.”