This compares to £18bn in lending Q1 2021 and, on a quarterly basis, is 11.7% higher than the £16.1bn of lending recorded in the final quarter of 2021.

The BSA adds that in Q1 2022, the sector approved 111,697 mortgages, which is 6% lower than the 119,216 approved a year ago but is 102,542 more than approved in Q4 2021.

And first-time buyers accounted for 25,208 mortgages extended in Q1 2022, barely changed from 25,735 in the first quarter of 2021.

The data also shows that outstanding mortgages held by building societies grew by 4% annually in Q1 2022, from £343bn to £358bn.

BSA chief executive Robin Fieth says: “The housing market was vibrant between January and March this year, despite rising house prices and the re-imposition of stamp duty.

“The fact that building societies lent as much during this period as they did during Q1 2021 with no stamp duty payable is testament to their presence and competitiveness in a busy market.

“The limited number of properties being put up for sale, coupled with the rising cost of living is likely to result in a more subdued housing market as the year progresses. With over 80% of existing mortgages on fixed rates this won’t apply to the re-mortgage market which we expect to remain active.”