Hitting a low of 73,000 in December 2007, approvals rose by 3 per cent to 75,300 in January, however they are still at their lowest level since records began in 1994,
In the last twelve months alone, approvals dropped by 38 per cent.
Ross Bowen, managing director of Connells Survey & Valuation advised intermediaries not to read too much into this data as the market is not out of the woods yet.
“This is still the weakest market in 13 years and the ongoing impact of HIPS following full implementation in December is unknown.
"The latest rate cut will help to stimulate demand, but only if mortgage lenders pass on lower rates to their customers."
