Gross mortgage borrowing totalled £13.8bn in January, up 2.4% year-on-year, but it seems those remortgaging are the ones growing the market.

Figures from the British Bankers Association show there were 28,862 approvals for remortgage in January 2017, 15.7% higher year-on-year, but house purchase approvals increased just 2.5% since December 2016 to 44,657.

House purchase approvals were down 2.5% year-on-year, nevertheless still above the 2016 monthly average of 41,320.

Eric Leenders, managing director for retail banking at the BBA, said: “The new year saw home owners make the most of historically low interest rates by taking advantage of competitive re-mortgage offers.

“Nearly 29,000 of these deals were approved last month – 16% higher than January last year.”