Lenders are revising their estimates upwards for this year’s mortgage market.

Trade body the Council of Mortgage Lenders says that lending this year is likely to exceed its forecast of £109bn.

This was after lending in October is estimated to have been 8% higher than September’s total, and up 19% on October last year.

The CML says that October’s figure, estimated at £21.8bn, is the highest monthly figure since July 2008.

However, the body warns that market activity has only “modest” prospects for further improvement, because of the low level of properties being offered for sale.