Net mortgage borrowing hit £4.6bn in the final month of 2019, rising from the £4.2bn reported in November of that year, and beating the previous 6-month average, also at £4.2bn.

The annual growth rate, however, stayed at 3.4 per cent, repeating November’s figure.

House purchases totalled 67,240, valued at £13.6bn in December, increasing from the 65,500-number seen in November, which came to £13.2bn.

Remortgaging metrics also grew, from 48,630 loans secured in November, at £9bn, to 49,680 in December, at £9.1bn.

Estate agent and former Rics residential chairman Jeremy Leaf comments: “Although these numbers relate to a period sometime before yesterday’s monetary policy committee meeting, they do confirm some of the reasoning behind the decision not to cut interest rates.

“Mortgage approvals are a useful indicator of the direction of travel for the housing market and particularly from such a widely respected source. Buyer confidence has been returning since before the election and irrespective of Brexit, and January’s figures will almost certainly confirm that trend.”

Coreco managing director Andrew Montlake says: “December usually sees a drop-off in mortgage activity but the prospect of a potentially disruptive general election result clearly focused the minds of homeowners and prospective homeowners alike.

“Throughout November and into the first half of December many people sought to get their houses in order before the nation went to the polls.

“Those already in homes wanted to lock into competitive fixed rates and those seeking to get onto the ladder were keen for it to happen before yet more potential upheaval.”