Mortgage approvals hit 16-month high

Mr McKee added while more homeowners were opting to stay put and remortgage until further stability returns, the figures demonstrated there was still an appetite for homeownership across the nation.

He said: "This hunger is being largely driven by those more concerned about reaching this life milestone of owning a house than making a profit out of it when they do, and this growing level of buyer demand is certainly a positive for the overall health of the market."

Dippy Singh is a freelance journalist