The number of mortgage approvals for house purchases increased again during September 2013, with the total number of mortgage approvals at 114,335 - according to The Bank of England.

Although the number of loans for remortgaging actually decreased during the month, the rise was driven by a strong increase in mortgage approvals for house purchases, with 66,735 being approved, a 33.9% increase compared to September 2012.

Richard Sexton, from e.surv commenting on the Bank of England lending statistics, said: “What a difference a year makes, the mortgage market has been transformed. A renewed confidence in the economy has enticed a flurry of buyers to the market and with a lowering of rates from banks to support home-movers, more of them are gaining access to finance.

“As a result house purchase lending has hit a fresh high. It was significantly higher in September than in August, with 5% more lending. But yearly, the increase is stupendous, up by over a third (34%). Home loans have risen in ten out of the last twelve months, and for the last seven months, home purchase loans have been steadily building.”

Although lower historically, 2013 is likely to see the highest number of mortgage approvals since the onset of the financial crisis five years ago.

Matthew Pointon, Property Economist at Capital Economics, said: “solid growth in the number of mortgage approvals for house purchase over the past three months mean 2013 is shaping up to be the strongest for lending since the onset of the financial crisis. In the first nine months of 2013, approvals are up over 16% compared to the first nine months of 2012. Even so, the current level of approvals pales in comparison to the years prior to the crisis, when by this time in the year approvals were almost double current levels.”