The Bank of England has reported that the number of mortgages approved in the UK increased to 73,546 last month, from nearly 71,000 in January.
Andrew Montlake, managing director of Coreco, said: “Never before has such strong mortgage approvals data rung so hollow. It feels like it came from another time.
“Within just a few weeks the property and mortgage markets have gone from strength to abject uncertainty.
”To say the property market is in uncharted territory is an understatement.
“We’re confident things will eventually get back on track but the great unknown in the current highly fluid environment is when.
“The hope is that the mortgage market rebounds as fast as it is deteriorating once we come out the other side of Covid-19.
“For now the most important thing is that every lender supports borrowers as best it can in these most challenging times.”