The housing market is continuing to recover, according to the Royal Institution of Chartered Surveyors (Rics).

A statement making this claim was released by the group this week following the publication of the latest Bank of England lending figures.

Some 50,123 mortgages were approved for house purchases in July, while there were 35,206 remortgages granted.

Both of these figures were above their respective six-month averages, prompting Rics to say that this "is testament to the continuing recovery in the housing market".

Rics indicated that it expects mortgage approval figures to move up in the coming months to end the year at a level of around 55,000-60,000 approvals each month.

Earlier this week, the Association of Residential Letting Agents suggested that another trend witnessed in the property market over the last year has waned.

The organisation said that the so-called accidental landlord phenomenon - which saw a huge increase in people renting out their homes instead of selling them in a deflated market - is no longer as rife as it was at the end of 2008.

Written by Claire Doyle

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