Agency boss Paul Smith has attacked Theresa May over her record on housing, after new mortgage figures showed prolonged inactivity in the buy-to-let market.

The statistics also showed that home movers and first-time buyers took out exactly the same number of house purchase loans in May at 29,200 each.

The figures were up on a monthly basis by 11% and 12.7% respectively, and were also up on May last year when lending was weak.

There were 6,100 buy-to-let house purchase loans, up 15.1% on a monthly basis and up 38.6% annually – but still a very long way down from last year’s peak in March, just before the 3% Stamp Duty surcharge on the purchase of additional properties was introduced.

Paul Smee, head of mortgages at new trade body UK Finance, said: “The apparent strong growth in mortgage lending in May might flatter to deceive.

“The relative weakness in lending last May following the Stamp Duty changes makes comparisons misleading.”

He said he expects home-buying activity to continue with an even split between first-time buyers and home movers, and buy-to-let mortgage activity to remain subdued.

Paul Smith, CEO of Spicerhaart, said: “Whilst there has been some recovery since the damaging introduction of a Stamp Duty surcharge last April, we still have a long way to go until we have a property market that is back to full health.

“Data from our own branches shows that the number of landlords registering to buy is down 30% on the year across England and Wales, and it is clear that far fewer landlords are investing in property.

“This could have serious long-term consequences for the rental market and lead to higher rents, putting those who are trying to save for a deposit in an even more difficult position.

“Affordability is clearly reaching a critical juncture as the average loan size increases whilst the average income decreases.

“Although rising first-time buyer borrowing demonstrates the appetite for home ownership in the UK, young people should not be left to stretch beyond their means, and the Government should intervene with a tax break as a quick and straight-forward way to help them get on to the ladder.

“Theresa May’s legacy on home ownership has so far been a disaster.

“The ‘just about managing’ are further away from owning their own home than they ever have been, and the Government’s feeble housing white paper did not go anywhere near enough to get house builders building and the market moving.”