Mortgage approval numbers hit 70,900 in January 2020, the highest level seen since February 2016, show latest figures from the Bank of England.

This compares to the 67,930 counted in December 2019 – a 4.4 per cent rise.

The number of remortgage approvals also grew over the month, this time by 3.9 per cent, from 50,150 to 52,110.

Net mortgage borrowing, however, fell just over 9 per cent, from £4.4bn to £4bn, below the six-month average of £4.3bn.

Coreco manging director Andrew Montlake comments: “A combination of Brexit lethargy in the closing stages of 2019 and Boris Johnson’s landslide general election win saw a major bounce back for mortgage approvals in January.

“The big question is how long the Boris Bounce lasts, as while there is a sense of optimism at present that could fade very quickly if trade negotiations turn sour.

“The hope is that Brexit is now firmly behind us but there is still the potential for significant volatility as the year progresses.”