The number of first-time buyers increased in all UK regions in Q3, according to the latest figures from UK Finance.

There were 11,510 new first-time buyer mortgages completed in London over the quarter, 1.3% more than in Q3 2018.

First-time buyer numbers saw annual growth of 1.6% to 8,810 in Scotland, 4.1% to 4,310 in Wales and 6.7% to 2,880 in Northern Ireland.

In the remortgage market, completions fell by 14.8% in London compared to the same quarter in 2018, although UK Finance noted that there was a period of strong annual growth in remortgaging in the capital during 2018.

In Scotland there were 8,860 new homeowner remortgages completed in Q3, 0.4% fewer than in the same quarter in 2018.

Remortgaging increased by 4.6% to 5,010 in Wales and by 21.6% to 2,870 in Northern Ireland.

Adrian Moloney, sales director of OneSavings Bank, commented: “An increase in transactions in the third quarter of 2019 is an encouraging sign for buyers and sellers who in recent years have been reluctant to make major decisions.

“The rise in first-time buyers in London is a clear sign that serious buyers who are looking to get their foot in the door are making the most of record low mortgage rates and increased wages, allowing them to capitalise on opportunities within the market. However, for the trend to continue, a lot will depend on how the political dust settles in the next couple of months.”