Although the activity is still well below pre-recession levels, the number of mortgages approved for home purchase by Britain’s major high street banks rose by 7pc to 38,181 in July, which is more than double the low point in November.
According to the British Bankers’ Association (BBA) data, this was the highest number of approvals since February 2008, as compared with 35,564 in June.
Taking advantage of falling prices, buyers have stormed back to the market, surging the sales of previously owned homes in July, due to lower interest rates and a tax credit for first-time homeowners.
According to the National Association of Realtors, the number of existing home sales rose 7.2 percent in July from June, whereas the sales of condos and single-family homes each rose for the month. It was the largest monthly gain since the group began tracking existing home sales in 1999.