The number of mortgages approved for home purchase by Britain’s major high street banks rose by 7% to 38,181 in July, more than double the low point in November, although activity is still well below pre-recession levels.

It was the highest number of approvals since February 2008, and compared with 35,564 in June, according to the British Bankers’ Association data.

Approvals have increased 72% over the year, which is the biggest annual rise since records began in the late 1990s. However, the level of monthly approvals is still well below the long-term average of almost 61,000 per month since 1997.

Daily Telegraph