First-time home buyers in the UK are borrowing an average of 3.29 times their incomes, figures from the Council of Mortgage Lenders (CML) show.

November's figure of 3.29 was up from 3.27 times in October and 3.08 times in the same month last year.

The new figures come on the back of last week's decision by the Bank of England to raise interest rates by 0.25 per cent to 5.25 per cent - the highest level since May 2001.

The average first-time buyer mortgage was £113,877 in November.

And according to the CML, the latest increase in interest rates will add an extra £17 to average monthly mortgage payments.

But despite the increased cost of buying a property, the number of first-time buyers managing to get on the property ladder is actually increasing.

Michael Coogan, CML: "Month-on-month we see affordability constraints becoming more pronounced for first-time buyers, and last week's interest rate rise will increase these pressures."

In November, the number of loans to first-time buyers grew by 5 per cent to 37,000 loans. This is up from 35,300 loans in October.

CML director general Michael Coogan said: "Month-on-month we see affordability constraints becoming more pronounced for first-time buyers, and last week's interest rate rise will increase these pressures.

"But, first-time buyers are clearly still keen to get on to the property ladder despite the growing financial hurdles.

"And it is essential that anyone wanting to buy their first home should look carefully at their finances and take a realistic view as to whether they can afford the costs of home-ownership if rates continue to rise.

"First-time buyers should examine the benefits of taking out a fixed-rate deal for payment certainty in the next few years and make sure they are protected against any unforeseen changes in their personal circumstances."