Gross mortgage borrowing in July totalled £10.9 billion, according to the British Bankers’ Association (BBA).

This was 16% higher than in July last year.

Since the turn of the year, the overall mortgage stock has started to rise, as stronger demand feeds through and is 1.2% higher than a year earlier.

Having declined during the early months of 2014, approval volumes turned up in June, in the aftermath of the implementation of the Mortgage Market Review, which the BBA said might have slowed down processing of applications in the earlier part of the year.