First-time buyers driving mortgage market, says CML

The mortgage market rebounded at every level last year, according to the Council of Mortgage Lenders (CML).

"Good housing market recoveries start because first-time buyers re-enter the market," said Paul Smee, director general of the CML.

Some commentators have suggested that first-time buyers feel pressure to get on the property ladder as prices are starting to rise.

However, Mr Smee told BBC News: "As you move away from the south-east [of England], talk of a bubble looks ever less likely."