Statistics have revealed that this year, during May, the total number of mortgages accepted for house procures has risen to its peak level. According to the British Bankers' Association (BBA), this month, the major banks have approved more than 36,709 loans for people for purchasing a property.

The approval levels have augmented for a consecutive of a third month this time, but it has still failed to touch the 27-month high of 45,758 approvals, which was attained in previous December. Because of the finish of the stamp duty holiday and harsh winter weather, there was a sluggish start of the housing market in 2010.

The revival was speculated to be running out of the stream, as the gains did not gain a drive. Yet, the figures attained this year have been the highest as the total number of mortgage advances reached to about £9 billion during May.

To pay back the mortgages, homeowners had been using the benefit of the low interest rates, due to which the net lending had remained passive for them, as said by BBA.

It further added, "Repayments continued to be stronger than usual as banks and money advisers are encouraging borrowers to use surplus cash to reduce their borrowing where possible. Also, the major banks were currently providing around 75% of all new lending".