Property activity picked up last month, according to new figures.

Property activity picked up last month, according to new figures.

In October, lending was at its highest level since the property boom of July 2004, research by the major British banking groups found.

"At this time last year, the trend in net mortgage lending was on a clear downward path," said David Dooks, director of statistics at the British Bankers' Association.

He added that lending stabilised in the spring and has stayed the same ever since, "but with gross lending and approvals, particularly for house purchase, now seeing higher levels than corresponding months in 2004, the mortgage market seems particularly resilient as we enter what is usually a period of lower demand".

Last month saw 16 per cent more lending than the same month in the previous year, bringing the total up to £17.5 billion.

The average loan approval for a property purchase is now £129,500.