Gross mortgage lending across the residential market in November was £23.1bn, 2.0% lower than in November 2017, according to UK Finance.

The trade body said that the number of mortgages approved by the main high street banks in November was 10.6% lower than November 2017; approvals for house purchase were 1.2% lower, while remortgage approvals were a massive 20.3% lower and approvals for other secured borrowing were down 12.2%.

Ross Boyd, founder of mortgage platform, Dashly.com, said: “The sharp drop in the number of remortgages compared to a year ago is a sign of action not apathy.

“Brexit and the sheer uncertainty of what could happen to the economy in 2019 have seen a significant percentage of households proactively remortgage over the past year.

“Rates are still hugely competitive and many households have learned the lesson of the Global Financial Crisis, namely that reducing your monthly overheads is invaluable.

“The slight drop in the number of mortgage approvals reflects the continued stasis in the property market.

“What’s encouraging is that personal deposits are up compared to November 2017. That may partly explain the plight of the high street.

“As we approach 2019 and Brexit, households are digging in rather than splashing out.”