Recent data from the Bank of England (BofE) has shown that mortgage approvals for house purchases decreased by 600, bringing the total to 65,500 in February.
Mortgage approval figures provide economists with an indication of future borrowing by UK consumers.
Approvals dropped by 600 in February and by 400 in January.
The mortgage market has seen a significant influx of mortgage applications in recent months, as buyers have been trying to race against the stamp duty increase deadline of March 31st, which takes effect today, with many lenders struggling to keep up with the workload.
Many lenders, such as HSBC, have increased rates amid the influx of applications, despite the Bank of England reducing them.
With the increase in stamp duty land tax, the purchase price threshold for first-time buyers, on which no stamp duty is paid, will be reduced from £400,000 to £300,000.
With the reduction, first-time buyers will face a 5% tax charge on anything above the value of £300,000. Existing homeowners will see their threshold reduced from £250,000 to £125,000.
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