First time buyers in the capital city of London remained quite active during the second quarter of the year, according to the latest data from the Council of Mortgage Lenders. The CML data also indicated remortgages fell during the same period. Home buyers overall borrowed 23% less compared to the previous quarter.

Remortgage activity stood solid during the second quarter, totaling more than £4.2 billion. This was higher than the first quarter by more than 5%, and almost 30% higher than the same quarter a year ago.

Paul Smee of the CML commented on the latest data, saying: “First time buyers have continued to drive mortgage lending in London, with 10% more first time buyer lending in the second quarter than the first. The opposite is true for home movers, probably just reflecting a rebalancing after the very strong first quarter as many buyers sought to complete purchases before changes to stamp duty.”

Smee added: “The second quarter data largely pre-dates the European Union referendum. While it will take time to see how Brexit may affect the market, the London mortgage market clearly remains active and firmly open for business.”

First time buyers are propping up a significant sector within the UK housing market and have been for some time. So far, first time buyer figures have increased 19 straight quarters compared with the previous year. It is also the highest number of first time buyer loans approved by quarter in nine years.

Experts believe there is a possibility activity in all sectors will improve as more time passes since the Brexit vote and consumer confidence begins to recover.