According to the latest figures released, mortgage approvals in the UK have risen to its highest level in four years as the housing sector records strong recovery.

The British Bankers' Association (BBA) said that the number of approval for buying homes was higher by a third compared to the same month in the previous year.  The figures indicated that mortgage lending is expected to remain strong during the coming year.  It is estimated that around 45,044 mortgages worth £7.2 billion were approached during the previous month.

The rise in the number of mortgage approvals comes after a fall in October when the mortgage approvals fell for the first time in seven months after reaching a four-year high in September.  The figures showed that gross mortgage lending rose £10.3 billion in November, which is the highest since December 2009 and 37 per cent higher than November of the previous year.  The data also showed that the amount of mortgage debt outstanding recorded a small rise of £347 million recording the first net increase since June.

BBA statistics director David Dooks said, "More new mortgages and a net rise in borrowing reflected a stronger mortgage market in November.  With approvals up a third on a year earlier, lending will continue to be strong in the months ahead."