House purchase approvals rallied in June, with strong improvements on both a monthly and annual basis as political uncertainty subsided, according to the latest Mortgage Monitor from e.surv.

There were 72,712 house purchase approvals in June, up 12.8% on the 64,434 recorded in May, making June the strongest month for house purchase loans in 17 months (since January 2014).

The monthly increase – as confidence returned to the market following a period of political uncertainty – is the largest month-on-month improvement since February 2009.

House purchase approvals have also risen significantly on an annual basis, with this June seeing 10.5% more approvals than the 65,794 recorded twelve months ago.

June also brought an increase in the number of higher LTV borrowers (with a deposit worth 15% or less of their properties’ total value) as well as an increase in their share of total house purchase mortgage approvals.

There were 12,288 approvals for higher LTV house purchase loans in June, a 17.7% improvement on the 10,438 recorded in May and up 5.5% on the 11,646 seen in June 2014. Meanwhile, higher LTV borrowers represented 16.9% of all house purchase approvals in June, increasing from 16.2% in May.