A SCRAMBLE to get on the property ladder before the end of a duty concession has sparked a 7% jump in loans to first-time buyers.

The withdrawal of the two-year amnesty on stamp duty for first-time buyers purchasing homes worth between £125,000 and £250,000 happens on March 24, fuelling expectations of a rush of purchases before then.

The Council of Mortgage Lenders (CML) said this appeared to be the case after figures showed its members advanced 18,700 loans worth £2.3 billion to potential new homeowners in December, up 7% and 10% respectively on November.

The overall number of loans for home purchase was 2% lower on the previous month at 28,700, but the CML said there was an increase in overall lending last year for the first time since 2007.