Mortgage lending was £3.5 billion in May, according to the Bank of England, slightly higher than its recent average.

The number of mortgage approvals for house purchase were broadly stable at 65,202, while approvals for remortgaging increased slightly to 42,955.

Alastair McKee, managing director of mortgage broker, One 77 Mortgages, said that rising inflation was motivating more people to take action and remortgage in recent months.

“People are increasingly feeling the financial squeeze and they are also worried that rising inflation could force the Bank of England’s hand on interest rates, ” he explained.

“As a result, locking into a fixed rate of two or even five years is becoming more of a priority for people.

“What people are also increasingly aware of is that they can secure a new mortgage offer up to six months in advance of their current deal ending.”

The Bank of England also reported that annual growth in consumer credit lending remained strong at 10.3% in May, although below its peak in November 2016.