The number of new mortgages rose to 42,530 in May from 42,020 in April, the highest number since March 2015 and the fifth consecutive monthly rise, data from the British Bankers’ Association showed.

BBA chief economist Richard Woolhouse noted that competition had increased the availability of mortgage deals, and said that the market was proving buoyant following the election.

A separate analysis of house prices by the Office for National Statistics showed the median house price was highest in Kensington and Chelsea, at £1.2m, and lowest in Blaenau Gwent in Wales, at £75,000.