The biggest jump in residential mortgage debt for 13 months suggests improving housing market spirits.

Outstanding residential mortgage debt grew in June by 1.4% to 684 billion Euros, according to figures released yesterday by the Bank of Spain. This is the biggest rise in the mortgage debt for 13 months.

Mortgage debt has not risen like this since April last year, when it grew by 1.9%. It then fell every month until January, when it bottomed out.

With outstanding mortgage debt now on the rise again, the Spanish press is reporting this as another sign of recovery in the housing market.