Research from Mortgage Advice Bureau showed activity in April was mainly driven by purchase customers, with 13% more month-on-month and 60% year-on-year, against 38% for remortgagors.

The data from 500 brokers and 800 estate agents showed little change in Loan to Value (LTV) levels, average incomes and deposit size of the typical mortgage deal, despite Council of Mortgage Lender figures suggesting 90% plus LTV deals have risen.

In 2013, average market demographics produced an average LTV of 70.5%, average loans of £148,688 and deposits of £61,519. The average borrower’s salary is £38,705, 8% higher than the UK norm, aged 38 years old and borrowing an income multiple of 3.84.

The figures suggest that lenders are lending less relative to income than 12 months before, despite government schemes like Funding for Lending and Help to Buy.

However, the intermediary channel is seeing a higher share of all mortgage products, with 74% now going through brokers, against 70% in 2013.

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “The government has made a bold statement about its desire to create wider access to mortgage loans and shift activity up a gear. By pushing property back into the spotlight, it has helped draw attention to some of the deals that are already out there which, in the case of five year fixed products, are the best that we have seen since the recession.

“What comes next in the development of Help To Buy will determine just how many people can join the rush to secure a good deal on property, whether or not they are first-time buyers or second-steppers. We are still waiting to see how the mortgage guarantee will work in practice, but in the meantime the competition between lenders means there is plenty of reason to shop around and seek advice to secure a favourable offer.”