Paul Stockwell, our Chief Commercial Officer, comments on The Bank of England's Money and Credit data

“Mortgage approvals have risen 330% in a single month, the clearest sign to date that the property market is picking up after months lying largely dormant.

“Mortgage approvals are a much quicker measure of housing market activity than transaction volumes, which are based on completed sales, so it’s not surprising to see them recover more quickly than sales volumes. June marked the first full month of property sales since lockdown and such steep growth shows buyers were eager to complete house property purchases after months of being locked out by lockdown.

“The effects of the stamp duty tax break haven’t been felt yet so the expectation is that July will provide another very strong increase as buyers race to take advantage of the huge cash saving provided by the Chancellor.”