Activity in the first-time buyer sector was 17% stronger in February than in February last year, and combined with January reached the largest number of first-time buyers in the first two months of the year since 2008.
Lending to home movers fell - contributing to an overall dip in house purchase lending - while remortgage lending also eased.
A total of 16,400 loans were advanced to first-time buyers in February, up on 15,900 in January and 14,000 at the same time last year. By value, loans to first-time buyers totalled £2 billion, the same amount as the previous month, but 18% higher than in February 2012 (1.7 billion).
First-time buyers accounted for 43% of all house purchase loans in February. This was the sixth consecutive month that this indicator has been at or above 40%, suggesting that market conditions continue to improve for first-time buyers.
Indicators of loan affordability also suggest that the market was marginally more favourable for first-time buyers in February. First-time buyers typically borrowed a smaller amount in February than in January, both in absolute terms and relative to their income. First-time buyers typically borrowed 3.19 times their income in February, down from 3.2 times in January, while the average loan to value ratio remained at 80%.
This is likely to be associated with a shift towards the purchase of less expensive properties by first-time buyers, with a small increase in the proportion of properties bought for less than £125,000.
Remortgage lending remained subdued in February, down compared to both the previous month and February 2012.
In February, £2.6 billion was advanced to borrowers remortgaging, a 13% fall compared to January (3 billion), and 28% lower than February last year (£3.9 billion).
Commenting on the data, CML director general Paul Smee said:
"First-time buyers are continuing to take advantage of more favourable market conditions, helping to drive the underlying trend for resilient house purchase lending.
"We hope that the new initiatives announced by the government in the 2013 Budget will further stimulate first-time buyer activity but also help those 'second steppers' looking to move into a new or existing home."
Mark Harris, chief executive of mortgage broker SPF Private Clients, says:
"As has become commonplace in recent months, official data paints a rather more negative picture compared with what we are seeing 'on the ground'. Mortgage brokers and estate agents alike report an uptick in interest and confidence from buyers and sellers since the start of the year, while the Ernst & Young ITEM Club report out today also indicates a more positive outlook for the housing market over the coming year.
"However, there was some good news for first-time buyers with the sector stronger than this time last year and off to the best start since 2008. Mortgage availability is easing for those with more modest deposits, a trend set to continue when the Help to Buy initiative comes into force next year. First-time buyers remain the lifeblood of the housing market so it really is crucial for its overall health that their numbers continue to improve.
"Undoubtedly, Funding for Lending is playing a significant part, pushing down mortgage rates to record lows. Hardly a week goes by without a new 'lowest ever' fixed-rate mortgage being launched, which is encouraging borrowers to be more positive about their chances of getting a mortgage and being able to afford it.
"Lets not get carried away: there are still clouds on the horizon, most notably what is happening in the wider economy and in Europe. But confidence - something so crucial to the health of the housing market - is finally starting to improve, along with the weather."
