The number of new mortgage approvals in the UK fell to a 12-month low in April, Bank of England figures show.

Mortgage approvals totalled 107,000 in April, down from 111,000 in March and the third monthly decline in a row.

In a further indication of weakening buyer demand mortgage lending rose by £8.9bn, much less than expected and the weakest rise since September Consumer debt rose by only £498m - half what was expected and the smallest increase since March 1997.

"The Bank of England will be comforted by today's news which shows its monetary tightening is taking effect," said Thushani Gajasinghe, an economist at the Centre for Economic and Business Research.

"With a further quarter-point rate increase possible in the third quarter, consumer lending may cool further."

But now, after a fourth quarter-point interest rate rise in just nine months – and another seemingly on the horizon – are the bears among the property commentators finally about to be proved right?

Property indices suggest growth had already started to cool off in the months preceding last week’s base rate rise.

Research from Nationwide, for example, showed that average house price growth between February and April fell to just 2 per cent – the lowest three-monthly increase since last August, when the recent cycle of rate rises began.

Admittedly this slowdown is not countrywide. Prices in London and the south-east, for example, have stood firm as severe housing shortages have continued to buoy prices.

Prime locations such as London are also more immune to interest rate rises because of a high level of cash buyers and overseas investors. But other areas – such as the north-west and the East Midlands – are more vulnerable.

Although wages have also increased, homeowners are having to set aside a higher proportion of income to cover their mortgage.