Signs of a pick-up in the housing market have continued, following a further improvement in the latest figures from the Bank of England (BoE), which show a rise in the number of mortgages approved in June.

The figure rose to 47,584 - up from 44,169 the previous month and the highest number since April 2008. The increase marked the fifth month in a row that approvals have risen.

However, the figures are still well down on levels seen at the housing market’s peak and indicate that demand is still subdued.

Net lending for house purchase grew by £343m in June – only very slightly higher than the rise in May. The number of mortgages approved for remortgaging grew to 35,011.

Seema Shah, property economist at analyst firm Capital Economics, said the modest rise in mortgage approvals in June suggested that the upward trend in housing market activity had reasserted itself.

“It certainly needs to because, given the drastically low level to which approvals had fallen at the end of last year, there is much further to go before housing market activity returns to levels that historically have marked the tipping point between rising and falling house prices.”

Source: Mortgage Solutions

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