Mortgage approvals dropped for the third month running in April.

However, the value of mortgages taken out was the highest since August 2008.

According to the British Bankers Association, the number of mortgage approvals for house purchase was 42,173, down from 45,045 in March and below the six-month average of 45,720. In January, there were more than 48,000 mortgage approvals.

Despite last month’s drop, mortgage lending reached £12.2bn in April, 52% higher than a year ago.

The BBA, which takes its figures from six lenders – Santander, Barclays, HSBC, Virgin Money, Lloyds and RBS – said it was too early to say whether the fall in mortgage approvals was a response to the Mortgage Market Review.

Although not implemented until the end of April, lenders had been tightening up their own rules in anticipation.

BBA chief economist Richard Woolhouse said: “Our figures show the housing market is mixed. The value of mortgages taken out in April was the highest for six years. However, mortgage approvals have fallen three months in a row.

“The amount of borrowing is, however, still well below the levels we were seeing before the financial crisis.”