House purchase mortgage approvals declined in June, according to trade body UK Finance, but only by seasonally adjusted figures.

June data shows banks reported house purchase approvals of 40,200, down from 40,287 in May and lower than the monthly average of 41,872 over the previous six months.

But if you actually look at the non-seasonally adjusted number, a different picture emerges.

There were actually 48,531 approvals, up from 46,456 in May and above a six-month average of 38,497.

Gross mortgage lending was at £13bn in June, 6% higher than last year, but that is a seasonally adjusted figure. The actual figure was £14.6bn.

Commenting on the seasonally adjusted figures only, Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “Although net mortgage borrowing was a little higher than this time last year, we would have expected much stronger figures bearing in mind the property market was in slowdown mode following the introduction of the Stamp Duty surcharge.

“Nevertheless, these results reflect the June market when buyers were still coming to terms with the election result and its implications for Brexit, as well as their own finances.”