Wales' biggest building society to release annual results

The figures for 2013 are expected to be good due to an increase in first time buyers. Credit: PA

The Principality, Wales' biggest building society, will announce its annual results for 2013 later this morning.

The figures are expected to be a good indicator for the Welsh economy, underlying a recovery in the housing market.

It's thought last year's positive figures are a result of more first time buyers getting on to the property ladder in Wales.

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Principality annual results announced for 2013 in Wales

Wales' largest building society, the Principality, announced that last year they lent more than a billion pounds in mortgages - an encouraging sign that first-time buyers are getting a bigger slice of the housing market.