The Council of Mortgage Lenders (CML) estimates that gross mortgage lending reached £19.9bn in November 2015. This is 9% lower than October’s lending total of £21.9bn, but 23% higher than the £16.1bn lent in November 2014.

Peter Rollings, CEO at Marsh & Parsons, commented: “This year wasn’t as quick out of the blocks as 2014 in terms of mortgage lending and overall housing market activity, but is now in much finer fettle than we saw 12 months ago. A strengthening economy and favourable lending conditions means that transactions haven’t tailed off like they did last year, although the seasonal slowdown in December is still to be expected."

Adrian Gill, director at Reeds Rains and Your Move estate agents, said: “When we consider that many of these loans will have been agreed before the added throttle of the Chancellor’s Autumn Statement housing announcements, it bodes well for early performance in 2016.

“First-time buyers have also been getting mileage out of 2015’s competitive mortgage rates, but it’s been the buy-to-let portion of the market which has recently been the most dynamic. With a new stamp duty levy for second homes coming into play next April, there will only be a further rush to secure buy-to-let investment before the cost of completing a purchase ramps up."