The property market continued to pick up in May, according to figures from the Bank of England.

The number of mortgages approved for house buying rose to 43,414, up from the figure of 43,191 the month before.

It was the fourth month in a row that approvals have risen, suggesting that the recent increase in sales is likely to continue.

Recent evidence from lenders has also suggested that the slump in house prices is slowing down.
The Bank of England's figures show that net lending for house buying in May, by all lenders, grew by just £324m - the smallest monthly increase on record.

"Bank of England data suggests that mortgage approvals for house purchases only rose modestly in May," said Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors.

"While mortgage approvals by banks actually rose by around 2,500, loans from building societies and other specialist lenders both fell during the month," he added.

Source: BBC News