The weather was just one of the factors that contributed to a fall in lending earlier this year, according to independent financial advisers.

Catherine Hearnden, director of MyMortgageDirect, said that because snow had the capacity to bring a city to a standstill, it was able to affect the number of people taking on mortgages.

However, she added that other factors contributed to the lending decline, including the end of stamp duty and conflicting messages in the media as to whether the recession has ended or not.

"People have the same money as November and December, really. But whether they spend it depends on what they hear in the press," she said.

The number of new mortgages given to buyers in January fell to 35,000 from 46,000 in December, figures from the British Bankers Association show.

The association's views are aligned with those of Ms Hearnden, as it stated in a press release that lending in January was relatively weak following the inflated December market and due to adverse weather conditions.