In August, mortgage approvals soared to 84,700, a sharp increase on July's figure of 66,300 and the highest monthly figure since October 2007.
The surge in approvals can be attributed to several factors, including record low interest rates and the government's temporary Stamp Duty holiday.
Despite a weak economic backdrop, experts say changes in people's behaviour working habits and aspirations as a result of the pandemic have led to increased demand. Longer term expectations suggest the Stamp Duty holiday will keep the market buoyant throughout Q1 2021, although recovery into Q2 and beyond will largely depend on the wider economic picture.
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