The Council of mortgage Lenders (CML) has called for an increase in interest rates for the first time in its history.

The break with tradition was prompted by concerns the buoyant property market was in danger of overheating.

The call, which is the first time the CML has voiced an opinion on what the Bank of England should do with rates, came as it reported mortgage lending during May had reached a new record high.

It said house prices were increasing at an unsustainable pace and action was needed to help slow the market down.

The CML said a combination of higher rates and affordability constraints would help ensure the housing market had a soft landing.

A spokeswoman said: "The market is so buoyant we have concerns if it carries on like this interest rates will be raised by a large amount later on."

The group wanted a modest rise sooner rather than later.

A big rise in interest rates later in the year was more likely to cause problems for homeowners meeting mortgage repayments.

CML director general Michael Coogan said: "Record figures for the third month in a row suggest lending could now be on course to top £200 billion this year.

"The strong growth in loans for house purchase reflects the strength of demand in the housing market, which is driving prices upwards.

"With rates at historically low levels, a modest rise in interest rates this summer would help ensure the housing market is sustainable without causing payment difficulties for the overwhelming majority of borrowers."

John Wriglesworth, of the Wriglesworth Consultancy, said he did not think a small increase in interest rates would have any impact on the market.

He said: "A quarter or a half-point rise is going to have the effect of taking a snowflake off an iceberg.

"It is really not going to do much."