The Council of Mortgage Lenders has estimated that mortgage lending reached £19.9bn in November. This is 9% lower than October’s lending total of £21.9bn, which is not unusual in the run up to Christmas.

However, it is a massive 23% higher than the £16.1bn lent in November last year.

The CML’s Mohammad Jamei said: “Lending is set to finish the year stronger than it started, with the pace of lending recovering over the summer months. As we’ve said for the best part of 2015, lending continues to be supported by strong fundamentals, which are low inflation, strong wage growth, an improving labour market and competitive mortgage deals.”

And Steve Griffiths, head of sales and distribution at Kensington, added: “This nominal dip in mortgage lending compared with October’s figures is reflective of the seasonal fluctuations in the market which we tend to see in the run up to Christmas. That said, lending is still significantly up on last year as the combination of low inflation, low rates and rising wages has enabled more people to raise a deposit and get a foot on the property ladder.”