There were 310,000 first time buyers in 2015 according to the Halifax with an increase in the number taking 35 year mortgages.

The Halifax data shows house prices are up 1.4% on the quarter despite a fall last month and is expected to rise strongly.

House prices in the UK are up 3.9% for the year and homeowners are biased toward fixed rate mortgages ahead of an interest rate rise.

As house prices rise Lenders have reintroduced interest only mortgages accessed only by wealthy homeowners with large amounts of equity.

The latest figures from the CML show mortgage lending of £138.6bn so far this year and £20bn for August.

The number of remortgage buyers increased by 30% in June as homeowners change to cheap fixed rate loans before interest rates rise.

The Bank of England report shows homeowners are encouraged by the low interest rates to repay mortgages to lenders.

A new two year fixed rate mortgage from the Co-Operative Bank offers only 1.09% interest and borrowers must pay a high £1,500 fee.

New pension freedoms have increased the number of buy-to-let mortgages reducing the cost with new cheap deals.

The lowest ever five-year fixed rate mortgage deal was launched by HSBC as competition between lenders for new business intensifies.

Deposits from buy-to-let landlords have increased by 15% to an average £100,000 compared to struggling first time buyers.

Data from the CML shows lending to buy-to-let landlords has increased by 26% in the last quarter of 2014 compared to the previous year.