The Council of Mortgage Lenders has revealed that gross mortgage lending reached a March record of £31.3bn this year.

This was up 22% from February’s figure of £25.5bn and is 10% higher than the £28.3bn figure from 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 still expect mortgage lending to reach a record £360bn this year.”