Lending hit £15.2bn last month, 43 per cent higher than the £10.6bn lent in February last year and the highest February total since 2008.

However, it was 6 per cent lower January’s figure of £16.1bn.

CML chief economist Bob Pannell said: “Housing market indicators have continued to be strong over recent months, once seasonal factors have been taken into account.

“First-time buyers have benefitted most from the government’s Help to Buy initiatives, with the more recent mortgage guarantee scheme now starting to push typical loan-to-value levels higher.

“The housing market got a further boost from this week’s Budget. This, together with benign developments in the economy more widely, should bolster short-term sentiment and activity.”