UK Finance has reported that there were 50,500 new homeowner remortgages completed in October, 23.2% more than in the same month a year earlier.

The £9.2bn of remortgaging in the month was 22.7% more year-on-year.

In addition, there were 32,900 new first-time buyer mortgages completed in the month, some 8.2% more than in the same month a year earlier. The £5.5bn of new lending in the month was 12.2% more year-on-year. The average first-time buyer is 30 and has a gross household income of £42,000.

The trade body said there were 33,400 new homemover mortgages completed in the month, some 4% more than in the same month a year earlier. The £7.4bn of new lending in the month was 8.8% more year-on-year. The average homemover is 39 and has a gross household income of £56,000.

There were 6,100 new buy-to-let home purchase mortgages completed in the month, some 9% fewer than in the same month a year earlier. By value this was £0.8bn of lending in the month, 20% down year-on-year.

Meanwhile, there were 15,700 new buy-to-let remortgages completed in the month, some 5.4% more than in the same month a year earlier. By value this was £2.5bn of lending in the month, 4.2% more year-on-year.

Jackie Bennett, director of mortgages at UK Finance, said: “Remortgaging has reached its highest level in almost a decade, as homeowners take advantage of a competitive market and lock into attractive deals. This also reflects the large number of fixed rate mortgages coming to an end, which is expected to continue into 2019.

“There has been relatively strong growth in the number of first-time buyers, with schemes such as Help to Buy providing vital support to those getting a foot on the housing ladder.

“Meanwhile the buy-to-let market has seen a continued increase in remortgaging and a softening in home purchase activity, in line with ongoing trends in recent months.”