Rise in number of first-time buyers

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The number of people taking their first step on to the housing ladder set another six year high in August, mortgage lenders have reported.

Some 27,100 loans worth £3.8 billion were handed out to first time buyers in August, marking a 7% increase on the month of July, when the number of first-time buyers was already running at its highest levels since 2007, according to Council of Mortgage Lenders' figures.