There were 9,800 new first-time buyer mortgages completed in London in the first quarter of 2018, some 3 per cent fewer than in the same quarter of 2017. The £2.8bn of new lending was the same year-on-year. The average first-time buyer in the capital is 31 and has a gross household income of £66,000.
There were 6,600 new homemover mortgages completed in London in the first three months of 2018, some 4.3 per cent fewer than in the same quarter of 2017. The £2.68bn of new lending in the quarter was 1.5 per cent down year-on-year. The average homemover in the capital is 37 and has a gross household income of £90,000.
There were 15,300 new homeowner remortgages in London completed in the first quarter, some 4.1 per cent more than in the same period a year earlier. The £4.67bn of remortgaging in the first quarter was 7.6 per cent more year-on-year.
Commenting on the data, Jackie Bennett, Director, Mortgages at UK Finance, said:
"Remortgaging activity is at its highest since the end of 2008, as Londoners continue to benefit from low rates and a competitive marketplace.
"The market for first-time buyers and homemovers was subdued at the start of 2018, compared to the strong growth seen for the last few years, however affordability has improved slightly, which is good news for those homebuyers transacting.