The number of mortgage approvals declined in February as the UK housing market continued its slow start to the year, according to figures released by the Bank of England.

The number of mortgages approved for house purchases dipped by just over 1,000 to 47,094. This is the third consecutive month that mortgage approvals have fallen.

Labour last week announced in the Budget a temporary exemption in property purchase tax for first-time buyers of homes costing less than £250,000 paid for by a rise in tax on homes costing over £1m pounds that will take effect next year.