Loans for mortgages in the UK approved in December have hit their highest level since 2008.
An estimated £17bn was lent during the month, an increase of almost 49% on the year before, according to the Council of Mortgage Lenders.
Gross lending for the fourth quarter was £52bn, up 38% on 2013 and 5% higher than the third quarter.
Although mortgage lending usually falls in the month of December, analysts believe that the sector’s buoyancy is due to many factors, including the improving economy and jobs market, consumer confidence, competitive mortgage deals and the Government’s Help to Buy scheme.
According to the Council, “short-term growth prospects for the housing market and the wider economy look very positive."
The Bank of England separately reported that mortgage approvals stacked up to 70,758 in November. This was the highest in almost six years and a 33% jump from November 2012.
