Richard Pike, sales and marketing director at Phoebus Software:

“We’re getting used to seeing these types of figures for mortgage approvals… how sustainable this is, when lenders are tied by strict affordability guidelines, is debatable.

“If the housing market is helping to drive the nations’ recovery in an unsustainable manner, will we be generating problems further down the track?

“Even with 95% mortgages available again the chances for many younger people, trying to get onto the property ladder, are becoming fewer as prices spiral upwards.  At the moment it looks like we’re creating an unlevel playing field, especially for first-time buyers.”