Mortgage lending in the UK has passed the one trillion pound barrier and now stands at a massive £1,006,796,000,000 the Bank of England has revealed.

The psychologically significant figure was breached in May said the Bank of England, as UK householders added £9.3 billion to their overall home loan borrowing.

More mortgages were agreed over the course of the month – 117,000 over the course of the month - at the same time as the average mortgage amount increased.

"The robust Bank of England mortgage data for May indicate that housing market activity has perked up again after showing some signs of faltering in April," said Howard Archer, of Global Insight.

"The pick-up in mortgage activity in May and latest survey evidence generally showing that buyer interest is high suggests that house prices could spike higher again in the near term despite currently showing clear signs of losing momentum," he added.

New sales have boosted the mortgage market, while remortgagers have sought to make the most of the current cheap borrowing by finding the best mortgage rate deals before interest rates are increased.

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