According to the CML, gross mortgage lending had its highest February ever at £24.6 billion. Although lending was down by 7 per cent on the £26.6 billion recorded in January, it is up by 9 per cent on the £22.5 billion of lending in February last year.
Commenting on today's data, CML director-general Michael Coogan said: "This is the highest February lending figure on record, and reflects the continuing strength of the market and the strong desire of many people to get a foot on the property ladder or move house. Recent speculation about whether or not interest rates will go up seems to have had little impact upon lending levels and we still expect gross lending to reach around £360 billion this year."
Meanwhile, building society gross advances amounted to £4,214m in February 2007, according to the BSA. This was compared to £3,183m in February 2006. Net Advances were also up to £1,292m in February 2007, versus £629m in February 2006.
Approvals rose to £4,917m in February 2007, up from £3,646m in February 2006.
Adrian Coles, director-general of the BSA, said: "Yet again building societies saw record lending in February, with gross lending the highest ever recorded for that month. Approvals were also the highest February on record.
"These are strong figures, but we may be seeing the peak of the market. The recent rate rises are still to work through fully into the mortgage market. Therefore, mortgage lending figures might become a little more subdued as the year progresses. However, a reasonably strong economic outlook, especially continuing robust employment, should ensure that there is still demand for mortgages, just not at record highs."
