Gross mortgage lending was an estimated £15.4 billion in March, according to the Council of Mortgage Lenders. This is four per cent higher than February's gross lending total, 33 per cent higher than March last year.
Gross mortgage lending for the first quarter of this year was therefore an estimated £46.3 billion. This represents a 37 per cent increase on the first quarter of 2013 (£33.8 billion).
Commenting on market conditions in this month's Market Commentary, CML chief economist Bob Pannell observes: "Alongside benign developments in the wider UK economy and the labour market, housing market sentiment continues to strengthen.
"There are currently no signs of significant market disruption, arising from the imminent application of new lending rules associated with the Mortgage Market Review. While some mortgage lending indicators have eased back gently, this is from the very high levels of recent months."