THE number of mortgages being approved has rocketed, with experts saying the lockdown ease has drawn out buyers in their droves.

Many brokers saw both enquiries and business spike last month, with some recording their highest number on record.

Bank of England data shows lenders approved 40,010 loans to buy homes in June, up from May’s record-low reading of 9,273.

Some brokers say this is down to the fact the lockdown stopped business but the easing in the last few months helped business peak as buyers were desperate to get their moving plans back on track.

Tony Baker, 48, of Chambers Financial Services, in Benfleet said: “This is something we’ve seen, June was probably our busiest month on record.

“I think it’s down to a few factors, firstly there was a bit of an overhang from business that was stopped due to the coronavirus lockdown.

“A lot of people started to process and put it on hold and lenders stopped. I think a lot of people had time in the lockdown to consider their situation and make enquiries.

“I also think the Government’s stamp duty holiday has helped increase business and the number of mortgages being approved.

“Nationwide [building society] has reported an increase in price and demand in July, which is one result of the increase of the number of mortgages.”

Mr Baker warned we could see issues later in the year when the number of job losses could hit the housing market hard.

Kevin Robinson, Southend Council economy boss, said this boost in the market can help the economy recover from the Covid-19 impact.

He said “I’ve heard from some mortgage brokers there was some people waiting to continue their plans as lockdown eased.”

He added: “I think this can help our economy grow as other services and sectors are kept in business by the housing market.”