Mortgage lending in January amounted to £14.5 billion, the highest amount ever recorded for the month, according to the British Banker's Association (BBA).

January mortgage lending totals £14.5 bn

Mortgage lending in January amounted to £14.5 billion, the highest amount ever recorded for the month, according to the British Banker's Association (BBA).

The BBA calculates that mortgage lending figures grew by 25 per cent more than the figure recorded during the same in 2005.

The association also reported an eight per cent rise in the number of mortgage approvals.

David Dooks, BBA director of statistics, said: "Seasonally adjusted net mortgage lending fell back to around the recent trend in January and the levels of approvals, in particular for equity withdrawal, held up well in what is traditionally a slow month.

"Whilst credit card lending continued to be subdued, consistent with the current weakness in retail sales, lending on loans and overdrafts was stronger than of late, with a greater use being made of overdrafts."

The Council of Mortgage Lenders said that total mortgage lending amounted to £23 billion last month, which showed that consumers are "more certain about the future of the housing market".