According to the Council of Mortgage Lenders, gross mortgage lending reached a March record of £1.3bn.

This had increased by 22% from February’s lending figure of £25.5bn and 10% higher than the £28.3bn of lending reached in March last year.

Michael Coogan, CML director general, said: “It is clear that many borrowers are taking sensible steps to shelter against higher mortgage costs. There is still a question mark over just how strong mortgage lending will be over the coming months as the prospect of higher interest rates takes its toll on demand. But, we continue to expect mortgage lending to reach a record £360bn this year.”