By Daniel Hunter

Following the release of their Credit Conditions Survey yesterday (Thursday), new figures from the Bank of England suggest that the UK property market is picking up.

In November the number of new mortgages approved for home buyers, but not yet lent, rose to 54,036 - the highest November figure for three years.

Approvals hit a low for the year of 44,523 in June, but have been rising steadily since then.

This suggest the Bank's Funding for Lending Scheme (FLS) is encouraging more lending to home buyers, which is what they concluded from the findings of their survey.

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