The Bank of England's latest figures have shown that the number of mortgage approvals in January reached 31,000.
There were 31,000 mortgages approved in January, according to the Bank of England's most recent statistics.
In a sign that the mortgage market may have reached its lowest point, the seasonally-adjusted number of approvals was the same as December's figure as well as that of the previous six-month average. However, there are still fewer than half the number of mortgages being approved as there were a year ago.
This low figure prompted Simon Rubinsohn of the Royal Institution of Chartered Surveyors (Rics) to call for more money to be put into the mortgage sector. His organisation has recorded a growth in interest from potential buyers in the last three months, but said that the lack of mortgages was stopping many from making a purchase.
"The January seasonally adjusted figure of 31,000 was unchanged from the December number and just 4,000 above the November low. Ominously, the non-seasonally adjusted figure hit an all-time low of just 21,000," he said.
"This disconnect between buyer enquiries and actual mortgages approved highlights the inability of many buyers to access the property market at the present time because of the substantial deposits being sought by lenders."
Mr Rubinsohn called on the government to make "speedy progress" on its pledge to bring in the mortgage-backed securities guarantee scheme.
