UK Finance has revealed that there were 29,400 new first-time buyer mortgages completed in September, 4.5% fewer than in the same month a year ago.

The £5.0bn of new lending in the month was the same year-on-year. The average first-time buyer is 30 and has a gross household income of £42,000.

During September there were 29,400 new homemover mortgages completed, 8.4% fewer than in the same month a year earlier. The £6.5bn of new lending in the month was 5.8% down year-on-year. The average home mover is 39 and has a gross household income of £56,000.

Meanwhile, there were 35,600 new homeowner remortgages completed in the month, some 0.6% fewer than in the same month a year earlier. The £6.4bn of remortgaging in the month was 1.5% down year-on-year.

UK Finance also revealed there were 5,200 new buy-to-let home purchase mortgages completed in September, 18.8% fewer than in the same month a year earlier. By value this was £0.7bn of lending in the month, 22.2% down year-on-year.

In addition, there were 12,300 new buy-to-let remortgages completed in the month, some 0.8% fewer than in the same month a year earlier. By value this was £2.0bn of lending in the month, the same year-on-year.

Jackie Bennett, director of mortgages at UK Finance, said: “Overall remortgaging for both residential and buy-to-let properties have levelled out after a period of strong growth. This reflects the number of fixed rate loans reaching maturity.

“Buy-to-let home purchases have eased again in September, suggesting lending in this market remains subdued as a result of recent tax, regulatory and legislative changes.

“Demand for house purchases for both first-time buyers and homemovers has also lessened, as affordability constraints continue to bear down on consumer demand for new loans particularly in London and the South East.”

David Copland, director of mortgage services at TMA, added: “First-time buyers continue to drive overall house purchase figures, complemented by steady homeowner remortgaging as brokers work hard to secure the best deals for clients. The Chancellor’s decision to extend stamp duty relief for first-time buyers in the Budget and the extension of the Help to Buy scheme make it a good time to be a first-time buyer (if you have a deposit).

“More can still be done to help investors in the private rental sector. The buy-to-let market continues to be impacted by recent tax and regulatory changes, though we are starting to see landlords regaining confidence in the sector. New incentives and lending products will go a long way in supporting this and encouraging professional landlords to grow their portfolios.”