A dip in mortgage lending in February was primarily due to the expected seasonal factors associated with this time of year but year-on-year growth comparisons remain strong, the Council of Mortgage Lenders (CML) has reported.

The total number of loans advanced to home-owners for house purchase remained practically unchanged in February compared to January but increased 33% compared to February 2013.

First-time buyers took out 22,200 loans in total in February, a modest rise in volume compared to January but up 41% compared to February 2013.

Home movers took out a total of 26,200 loans for house purchase in February, down 2.2% compared to January but up 27% compared to February last year.

Meanwhile, the total number of loans taken out by home-owners for remortgage fell in February by 15% compared to January but still had a strong year-on-year increase up by 17% compared to February 2013.

Gross buy-to-let loans advanced decreased in February to 14,300 compared to 15,700 in January but there was a strong year-on-year increase in volume of 46% compared to February 2013.

The Bank of England reported earlier this month gross UK mortgage lending was £14.8 billion in February, a 8% fall compared to January, but 40% higher in value than February last year.