The Council of Mortagage Lenders has released data on changes in the rate of mortgage lending in London from 2013 to 2014.

Loans on properties in greater London accounted for 21.5% of UK house purchases in 2014, which was down from 22.6% in 2013.

However, when it came to first-time buyers, there were 7% more that were advanced loans in 2014 than the previous year.

First-time buyer affordability changed slightly in greater London quarter-on-quarter with purcahsers typically borrowing 3.84 times their gross income, more than the UK average of 3.38.

Home movers were advanced 37,000 loans, which was down 1% on 2013.

Stirling Ackroyd managing director Andrew Bridges said: “Mortgage lending is only one aspect of matching people to places in London, especially in a city where half the population rents their home.

“London is at the epicentre of a roaring jobs market - an economic turbine hauling the rest of the UK into the future. As a direct result, homes in the capital are in serious demand. That whirlpool is particularly concentrated London areas where the newest industries and technologies are taking off.

“A slight slowdown in the final quarter of the year is normal - and more recently, at the front end of the home purchase process, we’re seeing steadier demand from both buyers and tenants through the first quarter of 2015. It’s also worth putting any seasonal dip in mortgage lending in context. Three times as many Londoners became new homeowners in the fourth quarter of 2014 as struggled to become first-time buyers back in the depths of early 2009.

“Looking ahead, a gathering demand for commercial property space in London is a strong indicator that the capital’s economy will continue to grow and evolve for the better - and that residential demand won’t fall away soon.”