New data from the Bank of England suggests that the housing market is bouncing back after lockdown.

UK mortgage approvals jumped to 66,300 in July – up from May’s low 9,000 in May and June’s 40,000.

Figures are still lower than February’s 74,000, however, remain strong and are higher than the expected 55,000 approvals expected by economists.

Capital Economics economist, Andrew Wishart, said: “Overall, these figures support other evidence that the economy continued to recover in July. But we still think that the realisation of more job losses after the furlough scheme started to be wound up in August will cause the recovery to slow.”

The growth in mortgage approvals during July is partly thanks to the stamp duty threshold being temporarily raised by Rishi Sunak. Part of the package to support the economy, the initiative is here until the end of March and can save buyers up to £15,000.

According to analysis by Zoopla (LON:ZPG), the scheme will take the total number of homes eligible for stamp duty exemption from 16% of all sales in England, to 89%, up 73%.

Sunak said the measures would “catalyse the housing market and boost confidence.”

Hugh Wade-Jones, from brokers Enness Global Mortgages, said: “There is no doubt that the huge surge of buyer demand seen once the market reopened has been seriously turbo-charged due to the stamp duty holiday announced shortly after.”