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It is likely that people will remain cautious in their approach towards mortgages over the coming months, an expert has predicted.

Bernard Clarke, spokesperson at the Council of Mortgage Lenders (CML), highlighted that the market is still very uncertain, with the effects of the comprehensive spending review yet to be seen.

"I think the best options will remain available only to the lowest risk customers and those with a reasonable amount of equity in their property," he predicted.

Mr Clarke emphasised that the remortgaging market is perhaps faring slightly better at the moment, with some attractive deals available to consumers.

His comments follow the release of statistics from the British Bankers' Association, showing there were 31,104 new mortgage approvals in September, compared to 31,781 in the previous month.

Furthermore, the average value of a new mortgage approval fell from £143,500 in August to £142,900 in the following month.