The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to recent data released by the Council of Mortgage Lenders (CML).

There were 18,700 loans advanced, worth £2.3 billion, up 7% by volume and 10% by value, from November. There was also an increase in the proportion of properties (from 50% to 53%) bought by first-time buyers within the price band currently exempt from stamp duty, making it likely they are beginning to rush through purchases before the concession ends in March.

Commenting on the data, Paul Smee, CML director general, said: “We have been expecting a flow of first-time buyers onto the market as the stamp duty exemption ends in March; December’s figures appear to show this has now begun.

“The market in 2011, while still subdued, saw a welcome increase in annual gross lending for the first time since 2007, when the financial crisis began. With the Eurozone problems still rumbling on however, we believe there is still a real risk that this year's lending levels will be lower than those seen in 2011.”