The number of mortgage approvals for house purchases declined in February, overturning a recovery in lending in January, lenders say.

Lending data from banking trade body UK Finance shows that the number of mortgage approvals among the main high street banks for home purchase fell 10.8% year-on-year last month to 33,110.

It comes after mortgage lending for house purchase increased for the first time in four months during January.

Remortgage approvals were up 9.7% to 25,999.

UK Finance also revealed the value of gross mortgage lending in February for all banks was estimated to have been £19bn, 4.9% more than a year earlier but below the monthly average of £21.4bn for 2017.

Commenting on the data, Henry Woodcock, consultant at mortgage software company IRESS, said: “The year began with some positive market indicators. In January the Bank of England figures showed mortgage approvals were at their highest levels since last summer, and remortgaging had risen to a nine-year high. This all pointed to an increase in gross lending in February, for the third year in a row.

“Whilst this is all positive news, it was also expected that lending would not deliver such an increase as in January, which saw more mortgages arranged in a single month since November 2008.

“With over 20 lenders increasing their rates in the last few weeks, house prices rising slowly, and the Bank of England signalling a May rate rise, we could see borrowers scramble to secure the best mortgage deals before the anticipated rise.

“We should also note the latest RICS housing market data, which shows that the average number of properties on estate agents’ books hit new lows in February and newly agreed sales also dipped. So, it will be interesting to see if this leads to lower lending in March.”