More mortgages were approved last month than in any month since the financial crisis hit 10 years ago – proving that the property market is on the move.
According to trade body UK Finance, 95,126 mortgages were approved by the main high street banks in July - the most since July 2009, when 99,970 applications were given the green light.
While re-mortgage approvals were the biggest driver of growth, new home purchases also contributed to the rise.
Compared to the same month last year, home purchases loans were 16.4 per cent higher, re-mortgage approvals up 19.4 per cent and other secured borrowing 12.7 per cent higher.
Buyers are still being cautious however. According to Moneyfacts, just 5 per cent of all available residential mortgages being flexible trackers, while the number of loans that show buyers exactly what their payments would be for the next decade has hit a record high.
Some experts have said the possibility of a no-deal Brexit has spurred both home-seekers and remortgagers into action but it is also thought that younger buyers are taking advantage of the cooler property market.
Either way, this huge increase in the number of mortgage approvals is good news for the property market and a move in the right direction.
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