Key data highlights:

• There were 29,400 new first-time buyer mortgages completed in the month, some 4.5 per cent fewer than in the same month a year earlier. 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.
• There were 29,400 new homemover mortgages completed in the month, some 8.4 per cent fewer than in the same month a year earlier. The £6.5bn of new lending in the month was 5.8 per cent down year-on-year. The average home mover is 39 and has a gross household income of £56,000.
• There were 35,600 new homeowner remortgages completed in the month, some 0.6 per cent fewer than in the same month a year earlier. The £6.4bn of remortgaging in the month was 1.5 per cent down year-on-year.
• There were 5,200 new buy-to-let home purchase mortgages completed in the month, some 18.8 per cent fewer than in the same month a year earlier. By value this was £0.7bn of lending in the month, 22.2 per cent down year-on-year.
• There were 12,300 new buy-to-let remortgages completed in the month, some 0.8 per cent 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.

Commenting on the data, 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.