Average approvals in the 11 months to November grew 19% compared to the same period in 2012, while the number of approvals for remortgaging also increased, on average, by 15%. Net lending was positive in the three months to November.
The annual growth rate of the stock of secured lending to individuals rose by 0.8%, but the rate of growth in secured lending stock was slightly lower last year.
The data also showed an increased availability of loans above 75% LTV and increased willingness from lenders to offer loans about 90% LTV.
The availability of secured credit is expected to increase "significantly" over the next three months including the 75% and 90% brackets.
Brian Murphy, head of lending at Mortgage Advice Bureau, said:
"As the market picked up, so has demand for higher loan-to-value mortgages. Bank of England data shows an increased willingness among lenders to support buyers with small deposits as the number of products at LTV ratios greater than 90% doubled in 2013."
"Lending conditions significantly improved particularly benefitting first-time buyers while affordability and responsibility have become industry buzzwords. Initial concerns over an over-heating market were put to bed by the Bank of England which demonstrated its power to intervene through the removal of Funding for Lending and the market is primed for even further growth in 2014."
