London new remortgage lending volumes rose 9.8 per cent in Q4 2017, according to new figures from UK Finance.
The trade body says this equated to 14,500 deals. The value of new remortgaging was £4.41bn, up 16.4 per cent year-on-year.
By contrast, UK Finance says first-time buyer figures were flat in Q4 compared to the same period of 2016.
There were 10,700 new first-time buyer London mortgages completed in the period, the same as Q4 2016.
There was £3.05bn of lending to this group in the period, up 2.7 per cent year on year.
The average first-time buyer in the capital is 32 and has an income of £66,000.
There were 7,700 new homemover mortgages completed in London in the fourth quarter of 2017, up 8.5 per cent year-on-year.
The £3.07bn of new lending in this category in the quarter was 12.5 per cent more year-on-year. The average home mover in the capital is 37 and has an income of £89,000.
UK Finance director of mortgages Jackie Bennett says: “London’s mortgage market remains competitive, with strong growth in the number of home movers and remortgaging reaching an eight-year high.
“However, subdued growth in the number of first-time buyers shows that affordability remains a challenge in the capital.
“Help to Buy can support first-time buyers when purchasing new build homes, and it will be important for the government to clarify its plans for the future of this scheme well before it ends in 2021.”
