Mortgage approvals remained close to decade lows in February despite a period of relative calm in markets, Bank of England data showed on Wednesday, suggesting the latest signs of strain among lenders could trigger further weakness in house prices.

UK Daily View: Mortgage lending at 10-year low

Chris Giles, economics editor, on the downturn in mortgage lending, and what it means for homebuyers and the economy

The Bank said the number of mortgages approved for house purchase fell from 74,000 to 73,000 in February, broadly similar to the level in recent months, but nearly 40 per cent lower than a year earlier.