New figures from the Bank of England show that net mortgage borrowing hit £3.7bn in June, up from £2.9bn in May.
However, despite this sharp month-on-month rise, the total was only close to the average of the previous three years, and the annual growth rate remained at 3.1 per cent, around which level it has sat since 2016.
Approvals for house purchases also rose, from 65,640 in May to 66,440, with the value increasing from £12.7bn to 12.9bn.
There was a similar story with remortgaging numbers, rising only slightly in number, from 46,820 to 46,970, with the value remaining at £8.2bn month-on-month.
Phoebus Software sales and marketing director Richard Pike points to this rise in remortaging when he says: “When remortgaging has been the one thing that has held the market up for such a long time, it was surprising to see the number of purchases increase recently while remortgaging fell [over the last few months].
“We wait to see if this is a seasonal blip of whether the purchase market is truly beginning to make headway again.”