The drop in mortgage approvals in January was due to a number of factors.

This is the view of the spokesperson for an independent financial website, Moneyfacts.co.uk.

Spokesperson Darren Cook explained that the sharp fall was due to the end of the stamp duty holiday and the adverse weather conditions.

He added that there is traditionally a seasonal drop in mortgage approvals in January.

"With many reverting to very low standard variable rates, there is little or no motivation for individuals to remortgage to another deal and restrictive lending criteria makes higher loan to value products expensive too," Mr Cook also noted.

Loan approvals for house purchase fell to 48,198 in January from 58,223 in December, the latest Lending to Individuals report from the Bank of England has revealed.

Net lending secured on dwellings increased by £1.5 billion in January, above the previous six-month average of £1.0 billion.