Figures released by the Bank of England have shown that the number of mortgage applications which were successful in July rose on the previous month's figures.
The Bank saw 50,123 home purchase loans taken out over the 31-day period, higher than the 47,891 in June, marking the sixth consecutive month that mortgage approvals have risen.This was a 53 per cent year-on-year increase and the best lending statistics since April 2008.
However, it was also found that repayments outstripped mortgage lending in the month for the first time since records began, with homeowners dishing out £418 million more than banks lent.
Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors, commented on the finding: " Mortgage repayments increased to their highest level (in July) since March implying that existing funds are being recycled rather than new monies being added to the mortgage market .
"A recent Council of Mortgage Lenders study found that £16 billion worth of mortgages were taken out across the UK in July and while this was an increase on June's figures, overall results were down 36 per cent year-on-year.
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