Bank of England figures have revealed mortgage approvals hit a six-year high in February  in what brokers are now calling “hollow” data.

The statistics show there were 73,500 mortgage approvals for house purchase last month.

This was up 3% since January and above the previous six-month average of 67,153.

Many of these approvals will now be on hold and may even expire due to the coronavirus outbreak stalling the property market.

Andrew Montlake, managing director of mortgage broker, Coreco, said:  “Never before has such strong mortgage approvals data rung so hollow. It feels like it came from another time.

“Within just a few weeks the property and mortgage markets have gone from strength to abject uncertainty.

”To say the property market is in uncharted territory is an understatement.

“We’re confident things will eventually get back on track but the great unknown in the current highly fluid environment is when.

“The hope is that the mortgage market rebounds as fast as it is deteriorating once we come out the other side of the coronavirus.

“For now the most important thing is that every lender supports borrowers as best it can in these most challenging times.”