Mortgage lending in the UK has hit a record high for the month of March, figures show.

According to the Council of Mortgage Lenders (CML), gross mortgage lending reached £31.3bn in March.

This was a leap of 22 per cent from February's lending figure of £25.5bn and is 10 per cent higher than the £28.3bn of lending recorded in March 2006.

CML director general Michael Coogan said: "This is the highest-ever March lending figure.

"It is clear that many borrowers are taking sensible steps to shelter against higher mortgage costs.

"There is still a question mark over just how strong mortgage lending will be over the coming months as the prospect of higher interest rates takes its toll on demand.

"But, we continue to expect mortgage lending to reach a record £360bn this year."

There are 11.6 million mortgages in the UK, with loans worth over £1 trillion, the CML said.