This was the highest level of approvals for purchases since September 2022.
Net approvals for remortgaging also increased from 30,900 to 37,700 during the same period.
Individuals borrowed £1.5bn of mortgage debt in February, compared to £1.1bn in January – the highest borrowing levels since January 2023.
Despite the rise, the annual growth rate for net mortgage lending continued to be slightly negative at minus 0.1%, according to the Bank of England.
Gross lending rose from £17.1bn in January to £18bn in February.
Expert analysis
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “This snapshot gives further hope that the pernicious effects of high interest rates on the economy are beginning to lighten, with mortgage approvals being sent to a 17-month high in February.
“Expectations have shifted higher again that the recession is in the rear-view mirror, given that homebuyers clearly feel more confident, which is likely to play out in spending elsewhere in the economy.”
Rosie Hooper, chartered financial planner at Quilter Cheviot, added: “There is likely pent-up demand in the market due to many buyers opting to sit on their hands as they wait for a more stable purchasing environment, and this spring might see many of these buyers return to the market.
“Overall, these developments indicate a positive momentum in the housing market, driven by improved borrower conditions and a stabilising interest rate landscape.”
