Homebuyers continue their search 'despite the bad weather'

Bad weather conditions have failed to dent the resolve of mortgage borrowers seeking a new home, research shows.

The number of houses sold per estate agent to mortgage seekers increased from an average of six in January to seven in February, according to the National Association of Estate Agents (NAEA).

There was also an increase in the number of houses for sale, figures showed, increasing to 56 per branch in February compared to the previous month.

Commenting on the findings, President of the NAEA Gary Smith explained: "These figures suggest that there's an increasing appetite for property which will feed recovery over the next few months as the weather improves.

"This growing confidence is reflected in the fact that first-time buyers now take up a quarter of the market."

The survey revealed that the number of first-time buyer sales increased by one per cent last month.

Meanwhile, figures from the Financial Services Authority indicate that lending for house purchases is continuing to represent a larger share of the market.

Posted by Martin Ellis