The number of mortgage approvals made to home buyers increased from 56,100 in January to 60,400 in February, according to Bank of England figures.
Approvals for remortgaging also increased, from 30,900 to 37,700 during this period, according to the Money and Credit report.
The annual growth rate for consumer credit slowed from 9.0 percent to 8.7 percent.
Jonathan Samuels, CEO of Octane Capital, commented: “So far this year, the number of mortgages being approved has accelerated considerably and we’re now seeing this initial indicator of market health return to levels not seen since 2022, before the market started to cool as a result of higher mortgage rates.
“This is despite the fact that we’re yet to see an interest rate cut or any kind of buyer initiative introduced by the government, although there’s no doubt buyer confidence has been boosted by the prospect of lower interest rates on the horizon.”
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