But this indication that the market is starting to show signs of recovery should come with a health warning.
Our research shows that almost half the population admits to having no form of protection insurance to safeguard themselves and their families in times of crisis.
When left to their own devices, consumers are less likely to take out protection products and only a minority understand what these deals cover.
More worrying, consumers aren’t putting their own financial provisions in place either. Nearly three-quarters of the population save less than £100 a month and half of these save nothing for the longer term.
This leaves them and their families at risk of serious financial shortfalls if the worst happens or if they are unable to work due to illness or injury.
The rise in mortgage approvals suggests consumers are taking advantage of low interest rates and falling house prices but they also need to realise the benefit of having the right cover in place to protect their investments, their families and themselves.
What will happen next during this downturn is uncertain. But it is clear that advisers have a chance to educate buyers on protection products, how they work and the value they can bring while attending to their mortgage needs.