Approvals for house purchase reached 72,409 in October; a 21.9% increase year-on-year and a 5.1% increase from the month before.
Richard Sexton, director of e.surv chartered surveyors, said: “Autumn has already beaten summer lending levels, with the housing market slowdown seen after MMR now firmly in the shadows.
“Lenders aren’t shying away from supporting buyers and appear confident that lending volumes will grow in 2016.
“Interest rate rises look set to be a topic of conversation as we approach the end of the year. With the latest forecasts predicting rates will remain lower for longer, the great deals on offer look likely to stay on the market and further delays mean more time for both borrowers and lenders to prepare for future increases. “
For buyers with a deposit of at least 85% LTV approvals decreased by 4.2% from the month before but still rose by 31.2% from last year..
Sexton added: “October still remained a positive month for first-time buyers, despite a slight dip in lending to them. The good news is that it is still a great time to buy for first-timers, looking to the future.
“The government is delivering on promises to help first-time borrowers get on the ladder – with December’s upcoming Help to Buy ISA Scheme the latest government scheme.
“The recovering economy is helping first-time buyers to save and it is encouraging to see high lending levels throughout October.
“However, increased mortgage lending can only do so much and when it comes to buying, yet again supply remains an unsolved issue. Affordable housing for first-time buyers needs to be a priority – across the entire country.”
