There were more first-time buyers than home movers who needed mortgages in London during the third quarter of this year.

According to the Council of Mortgage Lenders, there were 13,300 loans to London first-time buyers – the highest level in any quarter since 2007.

The loans were worth a total of £3.3bn.

In comparison, there were 10,600 loans to home-movers, worth £3.7bn.

Typically, a first-time buyer in London borrowed £221,997 after putting down a 24% deposit, compared with the UK average of 17%.

Two-thirds (66%) of first-time buyers in London bought properties at over £250,000, up from 63% in the second quarter and 54% in the same period last year.

This was over three times higher than the UK overall level of 20%.