The Council of Mortgage Lenders (CML) has estimated that gross mortgage lending totalled £18.2 billion in February.

This is 8% lower than January’s lending total of £19.8 billion, and is very similar to the £18.1 billion lent in February last year.

CML senior economist Mohammad Jamei said: “Mortgage lending is holding up well, but under the surface buyers face mixed fortunes. First-time buyers and customers who are remortgaging are driving total lending, while home movers and buy-to-let remain weak.

“The weakness in home movers means few properties are coming onto the market for sale, which is aggravating a supply demand imbalance that has characterised the market since late 2013. This looks set to continue at least over the next few months, posing an obstacle for would-be borrowers.”

John Eastgate, sales and marketing director of OneSavings Bank, added: “A nine-year high for gross mortgage lending in January proved that mortgage demand is effervescent, but given the record highs, some moderation was to be expected and is arguably welcomed.

“The Brexit effect and the base rate cut have driven mortgage rates to all-time lows, supporting mortgage activity, most prominently in remortgaging.  While buy to let purchases have seen a dip since the changes to stamp duty costs last year, the sector has also seen a surge in demand from landlords refinancing to take advantage of low rates to reduce their costs.

“We should expect to see remortgage activity continue to drive lending levels in 2017 as a lack of supply and stretched affordability, will continue to subdue the purchase market.”