The British Bankers Association (BBA) has revealed that the number of mortgages that the UK's biggest banks agreed with home buyers fell sharply last month.
The BBA's members approved 35,000 new mortgages to home buyers in January, a fall of 46,000 from December.
According to the association, many house buyers borrowed in December before the end of the stamp duty holiday.
In addition, the BBA attributed the untypically cold weather for putting off some Britons from taking out new mortgage deals .
David Dooks, the BBA's statistics director, explained he was unsurprised by the fall in the number of mortgage loans .
He added: "There was a natural reaction in the January figures and the bad weather further suppressed market activity."
Meanwhile, the Council of Mortgage Lenders (CML) recently predicted that mortgage lending will pick up this year, but at a slow rate of recovery.
The CML believes that mortgage lending levels will remain depressed in the short term, but will start to improve later in 2010, yourmortgage.co.uk reports.
BBA says mortgage loans fell in January
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BBA says mortgage loans fell in January
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