The Bank of England has reported that households borrowed an extra £3.2 billion secured against their homes in July,  the lowest monthly secured net lending since April 2017.

Despite this, the annual growth rate for mortgage lending remained unchanged at 3.2% in July, and has now been around 3% since late 2016.

Although this is above the growth rate between 2009 and 2013, it remains modest compared to the pre-crisis period, the Bank said.

The number of mortgages approved for house purchase fell a little in July, to 65,000, close to their average over the past six months.

The number of approvals for remortgaging fell 5.5% in July to 45,000.

Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “Year-on-year mortgage activity within the sector remains largely unchanged with a number of consumers looking to step onto the property ladder keeping the market buoyant.

“However, it will be interesting to see if next month’s figures will be affected with the base rate rise. Although the effect is unlikely to be substantial, for anyone concerned, we would encourage borrowers to get in touch with a mortgage broker. Brokers are perfectly placed to provide tailored advice to customers, no matter what challenges the housing climate might present.”