The number of homes changing hands in the UK look set to rise over the next few months, as reflected by the latest mortgage approval figures.

The latest Bank of England lending statistics, released last week, revealed that UK mortgage approvals rose to an eight-month high in November, with approvals totalling 67,505.

“With interest rates still at record lows, growing numbers of buyers are deciding that now is the time to act – and rising levels of mortgage approvals hint at a surge in purchases to come,” said Jonathan Hopper, managing director of Garrington Property Finders.

But while demand is rising, housing supply remains low, and this is likely to place upward pressure on UK house prices in the coming months.

Hopper continued: “The chronic imbalance between demand and supply is playing a big part in driving up prices. With RICS data showing that levels of unsold sold stock remain at a record low, competition among buyers in many areas is rising.”

“Despite its brief summertime wobble, Britain’s property market ended 2016 “in rude health,” he added. “Nearly six months on from the Brexit thunderbolt, prices are once again picking up speed slowly and steadily.”