UK Finance has revealed that there were 11,000 new first-time buyer mortgages completed in London in the fourth quarter of 2018, 5.8% more than in the same quarter of 2017.

The £3.2 billion of new lending was 7.4% more year-on-year. In 2018, there were 42,800 new first-time buyer mortgages, 0.5% more than in 2017. The £12.6 billion of new lending was 2.6% more than in 2017.

There were 7,400 new homemover mortgages completed in London in the fourth quarter of 2018, 1.3% fewer than in the same quarter of 2017. The £3.1 billion of new lending in the quarter was 3.3% more year-on-year.

In 2018, there were 28,800 new homemover mortgages, 5% less than in 2017. The £12 billion of new lending was 1.9% less than in 2017.

Meanwhile, there were 15,000 new homeowner remortgages in London completed in the fourth quarter, 2.7% more than in the same quarter a year earlier. The £4.6 billion of remortgaging in the fourth quarter was 1.8% more year-on-year. In 2018, there were a total of 60,400 new homeowner remortgages, 6.2% more than in 2017. This is the highest annual number of remortgages in London since 2008 when this figure stood at 111,900. The £18.8 billion of remortgaging in the year was 8.3% more than in 2017.

Jackie Bennett, director of mortgages at UK Finance, said: “Remortgaging in London reached its highest level in a decade last year, as customers locked into competitive deals and a large number of fixed rate loans came to an end.

“First-time buyer numbers increased for the third year running in 2018, despite a sluggish first quarter. However, affordability remains a challenge for many potential buyers in the capital, underlining the importance of schemes such as Help to Buy.”