According to the British Bankers’ Association (BBA), the number of home purchase loans approved by British banks in July increased by +76.7% on the year to its highest since February 2008, although net mortgage growth was its weakest in nine years.

In July, some 38,181 mortgage applications were approved, compared with 35,564 in June and up from 22,248 in July 2008. The average value of a loan rose to £139,700 from £136,400 in June.

The BBA said net mortgage lending rose by +£1.6bn in July, its smallest increase since October 2000 and compared with a £2.2bn rise in June, as new lending was offset by repayments on existing mortgages.