Recent data is pointing to a strong resurgence in the amount of UK housing market activity. The latest surge in an upward trajectory is being seen as a major positive step forward both for the short term and long term. Mortgage lending picked up pace at a substantial rate during the month of August and the effects of the new tax on second property ownership introduced before the Brexit vote are now quickly fading from sight. Remortgage lending remains quite active as well.

Mortgage lending activity has taken the market to a level not seen since the summer of 2007 which is quite encouraging and will certainly improve consumer confidence.

Lending increased in August by more than 6% over July. This was also an increase year on year of more than 14%, according to the CML.

Many experts saw the Brexit vote and month following it as a possible trend in negative data from the market, and that has turned out to just be wide of the true mark.

Mohammed Jamei of the CML commented on the latest data, saying: “Widely voiced fears in recent months about the housing market have proved to be wide of the mark.”

This same opinion has been mirrored by several other experts close to the housing market.

Jamei continued: "A subsequent uptick in approvals is anticipated, albeit still at levels lower than earlier this year as affordability constraints and lack of properties on the market for sale continue to bear down on borrowers.”

As areas improve, the Help to Buy scheme is even now no longer needed according to the latest lending figures. It will come to an end this year according to the Bank of England.