The recovery in the housing market seems to have halted due to the mortgages approval falling down to a nine month low in the month of February. It has been reported that in the previous month, the approvals have fallen to
47,094 from 48,099 in January.

The data has clarified the reason behind the halt, which is the pre-credit crisis being faced by the approved mortgages. Over the period of fourteen years, it has recorded the average of about 100000 a month.

The decline has been reported to be contributed due to some special factors. One of the factors is the fiscal stimulus extended by the Government on lowly priced homes, it introduced a stamp duty holiday. According to the Met office report, February 2010 has been the coldest month so far since 1991. Mortgage approvals have declined consecutively for the third month.

A survey by the Royal Institute for Chartered Surveyors revealed a sharp decline in the number of estate agents. One of the indicators of the housing demand is assessed by the number of inquiries received by the customers, which did rose in the month but not at a faster pace ruining the expectations.

The housing market is expected to see the boost after the Budget plans are unveiled.

Vicky Redwood of Capital Economics said, "February's household borrowing figures provide further evidence that the housing market recovery may be starting to run out of steam."