Net mortgage borrowing came to £4.7bn in February, Bank of England (BoE) figures show, down on the £5.9bn recorded in January.

Meanwhile, approvals for house purchases fell too, from 73,800 in January to 71,000 in February while the value of these approvals ticked up, from £16.6bn to £16.7bn, respectively.

And approvals for remortgages increased, from 46,500 at the start of the year to 48,200, while the value of these approvals went from £9.4bn to £9.8bn.

February’s mortgage approval number is the highest seen since February 2020, when this metric came to 52,100.

Both the actual interest rate paid on newly drawn mortgages and on outstanding mortgage stock went up 1 basis point apiece, the BoE adds, to 1.59% and 2.02%, respectively.

SPF Private Clients chief executive Mark Harris says these figures confirm that, “the froth has come out of the market.”

He continues: “However, the numbers are still above the pre-pandemic average, demonstrating a calmer, more measured, and ultimately more sustainable market.”