First-time buyers continue to account for a significant proportion of home-buyers in London with 9,800 mortgage applications being approved during the first three months of 2018.

Though the total number of approvals is 3 per cent less during the first quarter of 2018 when compared to the corresponding period in 2017, the total lending amount (£2.8bn) remained the same, according to data released by UK Finance.

The average age of the first-time buyer in the UK capital is 31 years and has a gross household income of £66,000. The average loan size of the first-time home-buyer is £262,242, the UK Finance Regulated Mortgage Survey noted.

The first-time buyer activity was strong in 2017 and 2016. The year 2018 began on a positive note and by year-end, the number of mortgage approvals for first-time buyers is likely to match that of 2017 in view of various incentives offered to them, such as stamp duty relief on homes priced up to £500,000.

UK Finance is a trade association, which represents the finance and banking industry operating in the UK. It represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The data provided by it reflects the developments in the mortgage industry.