There were more loans approved for house purchases in January 2020 than in any month since the EU Referendum according to the Bank of England.
With 70,888 loans issued in the month, this is the highest monthly level since February 2016 and 7% higher than a year ago.
This surge in demand at the start of the year coincided with an uptick in confidence from both buyers and sellers fuelled by falling mortgage rates, renewed confidence in the market and the so-called ‘Boris bounce’.
This data reflects the period before concerns mounted over the spread of Coronavirus, the impact of which on the market over coming months remains to be seen.
