The quantity of home-buyer mortgage approvals elevated sharply in August, to the very best level since January, based on the Bank of England.

But consultants mentioned the bounce in mortgage approvals is more likely to replicate folks attempting to lock into mortgage offers amid expectations of rising rates of interest, slightly than being proof of a strengthening in demand.

Some 74,300 approvals had been recorded in August, marking a rise from 63,700 in July.

Jeremy Leaf, a north London property agent and a former residential chairman on the Royal Institution of Chartered Surveyors (Rics), mentioned: “These figures look very very similar to the calm earlier than the potential storm, following the latest turmoil on the monetary markets.

“Nevertheless, we definitely imagine exercise will retain its momentum for a number of months at the least as consumers search to take benefit of decrease mortgage charges earlier than they climb even greater.

“Approvals are generally a better indicator of direction of travel for the market than more volatile house prices so we will be keeping an even closer watch on approvals over the next few months.”

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