Mortgage approvals up

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The rise to 38,092 - the biggest since December 2009 - came as first-time buyers rushed to beat the stamp duty holiday, which ends next month. Buyers getting on the first rung of the property ladder will pay no stamp duty on purchases up to £250,000 until March 24.

The figures echo upbeat comments from housebuilders on a sales revival since the new year, although experts warned that the rush to beat the deadline was only likely to give a temporary boost to the market.

IHS Global Insight's Howard Archer said: "Despite the recent limited pick-up, housing market activity is still low compared to long-term norms.

And despite current signs of improve-ment, the economic fundamentals still look far from rosy for the housing market with unemployment high and likely to rise further."

Shoppers are also unwilling to add to debt burdens as the BBA also underlined the fragile state of consumer confidence. Shoppers repaid £237 million in unsecured consumer credit in January - the fifth net repayment in six months. Businesses also paid back a net £2.8 billion last month, up from £2.2 billion in December.

BBA statistics director David Dooks said: "Demand for unsecured personal borrowing remains low as consumers continue to repay debt. Business borrowing remains generally subdued as challenging trading and market conditions continue to suppress demand."