Weeks of bad weather disrupted the UK's property market during the first month of this year, pushing down the number of mortgage approvals and gross borrowing, according to latest figures released by the British Bankers' Association (BBA).
The total number of successfully approved mortgage applications fell by 14% to 57,057, compared with 60,907 recorded just a month earlier in December 2012.
Total gross mortgage borrowing also tumbled over the same monthly period, from £8.4 billion to £7.7 billion, although this figure remains above the BBA's six month average.
Despite disappointing figures within the mortgage market, the BBA revealed more people placed savings deposits with banks over the course of 2012, up by 6.2%.
David Dooks, statistics director at the BBA, said: "January's severe weather impacted adversely on what was already a subdued picture of borrowing demand from households to businesses.
"While general economic growth stalls, low consumer and business confidence generates a natural tendency to restrain borrowing appetite, repay borrowing where possible and to build up cash and saving as a buffer."
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