August saw 69,220 house purchase approvals, up 9.3 per cent on the same month last year and an 18 month high.
On a monthly basis house purchase approvals rose 0.7 per cent - the third consecutive month of growth
The improved data, from a loan monitoring index operated by e.surv chartered surveyors, comes despite growing fears of an interest rate rise.
“Weak inflation and recovering wages mean that more British workers are able to meet the stringent affordability requirements demanded by MMR and obtain the mortgage they want. This resurgence of demand is pushing up prices” says e.surv’s Richard Sexton.
“Concerns over an interest-rate rise may have helped push some borrowers into acting quickly. However, this is now the third consecutive month of growth, and home lending has been strong since May, now that the uncertainty that surrounded the election has evaporated. Healthier mortgage lending reflects a stronger UK economy and an upturn in fortunes for British buyers” he says.
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