The amount is also 15% higher than July last year when it was £16.7 billion and the highest monthly figure since August 2008 when it was £19.3 billion.
‘Mortgage activity seems to have remained robust following the regulatory changes but the eventual impact of these remains uncertain,’ said CML market and data analyst Caroline Offord.
‘Property transactions in the first half of the year showed a 25% increase compared to the same period a year ago but, as set out in our recent market forecast update, we expect that intensifying affordability pressures could start to dampen this upwards trend,’ she explained.
‘Economic conditions have strengthened but while the Bank of England has signalled an improved economic outlook since May, headwinds remain and the message about future rate rises being measured and gradual remains unchanged,’ she added.