The Council of Mortgage Lenders (CML) has reported its estimations that gross mortgage lending reached £25.7 billion in March this year. It is thought that the increase in lending was driven by a rush to beat the second property stamp duty surcharge deadline.

It is reported that lending was 43% higher than February 2016, 59% higher than in March 2015 and the highest March lending figure since 2007 (£30.9 billion). Gross mortgage lending has reached an estimated £62.1 billion in the first quarter of this year, this being the same level as the previous quarter but 39% higher than the first three months of 2015.