The number of mortgages approved for house purchases by the seven major High Street banks is at the highest level for 17 months, according to figures released by the British Bankers' Association (BBA).

The BBA's figures reveal that approvals in July rose 7.4% from the previous month and represent a 77% increase from July last year.

"The numbers of mortgages approved for house purchase each month by the high street banks have continued to recover from last November's low point," said David Dooks, BBA statistics director.