(Yicai Global) Dec. 23 -- Beijing's pre-owned house sales have rebounded in the last month as the government takes steps to steady the market, which has been cooling since July, and is encouraging lenders to speed up the approval of residential mortgages and development loans, according to Yicai Global research.

A number of banks in Beijing have started to shorten the processing time of housing loans for individuals and this has greatly boosted pre-owned home sales, a real estate agent told Yicai Global.

The Beijing Housing Provident Fund Management Center, for instance, has cut its review time to three working days from nine. Some buyers are able to get their mortgages within two months, he added.

As of mid-December there were 8,288 second-hand home sales in Beijing, already 70 percent of last month’s figure, according to Centaline Property Agency. In October, fewer than 10,000 homes sold.

“Sales in all our Beijing outlets have doubled,” the real estate agent said. “We have nearly 10 times the number of prospective buyers visiting our outlets than we have properties on sale. This might have to do with people receiving their year end bonuses," he added.

Prices have also gained due to surging demand, he added.

Editors: Tang Shihua, Kim Taylor