More homes were bought and sold in October 2009 than in the previous 19 months, with a consequent rush of activity for mortgage lenders and conveyancing solicitors among others.
Bank of England figures showed that lenders approved 57,345 home loans, compared with 56,205 the previous month. This was the highest monthly level since March 2008. Year-on-year mortgage approvals were up by 78.5%.
Commenting on the figures, chief UK and European economist at IHS Global Insight, Howard Archer, said, "The Bank of England data indicates that mortgage activity continues to firm gradually from the record low level seen in November 2008 as it is supported by low mortgage interest rates and the significant fall in house prices from their 2007 peak levels to their March/April 2009 troughs."
With spring usually being the busiest time for the housing market, and signs of property prices rising in popular areas of cities such as London and Brighton, all those involved in professional services for house purchase and sale, as well as people looking to make a move, will be anxiously waiting to see if the much-vaunted green shoots will arrive with the longer days.
