Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on The Bank of England's Money and Credit data for August 2020

“A V-shaped recovery in the UK property market appears to be on track, with mortgage approvals increasing past pre-pandemic levels with 11,000 more agreed in August compared to February.

“However, August was not just a busy month for the market in the context of lockdown, but was a particularly strong month when compared to activity over the last few years. Lending approvals in February 2020 had already hit their highest point since January 2014.

“Much of August’s rebound is owed to pent-up demand during lockdown, but these figures also contain the first-full month of activity from buyers incentivised to find a new home as a result of the stamp duty holiday announced in July.

“Lending approvals, coming early in the conveyancing process, are one of the leading indicators of market activity so August’s figures suggest a strong autumn to come.”