First time buyers increase

First-time buyer numbers in the UK increased throughout February, new research has shown.

Carried out by the Council of Mortgage Lenders, the study revealed this level rose by 3% in the month, which represented the best start to a year since 2008.

It was shown that activity among FTBs was 17% greater in February 2013 than it was in the same four-week period in 2012.

During the month, a total of 16,400 loans were advanced to those looking to get their foot on the first rung of the property ladder, which was markedly more than the 15,900 recorded in January and the 14,000 reported in February last year.

Paul Smee, director general at the CML - the trade association for the mortgage lending industry in the UK - said: "FTBs are continuing to take advantage of more favourable market conditions, helping to drive the underlying trend for resilient house purchase lending."