Mortgage borrowing figures rose by 0.2% in the year to January 2013.
The value of mortgages lent out in the year to January 2013 grew by 0.2%.
According to the British Bankers Association (BBA), gross mortgage borrowing in January 2013 was £7.7 billion, which is slightly higher than the average value of the six months leading to December 2012 at £7.6 billion.
Findings from the BAA revealed the average house purchase approvals dropped to £145,300, which is £11,300 lower than the median value in the six months prior to December 2012 (£156,600).
It also revealed the number of mortgage approvals in January was 57,057, which is slightly lower than they were during this earlier six-month period when they averaged 60,907.
BAA Statistics Director David Dooks said: “January’s severe weather impacted adversely on what was already a subdued picture of borrowing demand from households and businesses.”
Figures from the BAA also showed there was an increase in first-time buyers looking to enter the property market at the end of 2012, which it stated would help boost the entire sector.
Last month, HSBC reported it experienced a 24% increase in gross new mortgage lending in 2012, providing £16.4 billion worth of home loans during the 12 months. Recent figures also showed it approved four in five first-time buyer (FTB) applications, and 2012 saw HSBC lend £5 billion to FTBs, which is a rise of 32% on 2011’s numbers.