House purchase approvals rose to 60,518, which was higher than the October figure of 57,718 and the previous six-month average. Remortgaging approvals were 24,897, slightly higher than in October but below the previous six-month average.

Total net lending to individuals increased by £1.1bn in November. Within the total, net lending secured on dwellings increased by £1.5bn in November, higher than the October increase of £1.1bn and the previous six-month average of £0.7bn. The twelve-month growth rate was 0.9%, unchanged from October.

Brian Murphy, head of lending at Mortgage Advice Bureau, said the figures showed that the mortgage market is continuing to strengthen.

He said: “The number of mortgage products available is rising and so, just as importantly, is people’s confidence. More and more potential borrowers feel the worst of the recession is behind us.”

However, Murphy pointed out that the borrowers driving the surge in mortgage approval figures are people with decent deposits and good credit histories

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He said: “Without a deposit and a good credit score, you are still on a wing and a prayer.”