Data from the Council of Mortgage Lending (CML) shows gross mortgage lending for 2015 is the highest for seven years as demand remains high.
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The ONS data shows the pace of house price growth remains strong with London higher by 9.8% ahead of the UK average.
From February the new London Help to Buy scheme will offer homebuyers loans up to 40% of the property value to purchase new-build homes.
There were 310,000 first time buyers in 2015 according to the Halifax with an increase in the number taking 35 year mortgages.
Property prices are up 9.5% in the year and a further decline in the number of homes for sale will keep the an upward pressure on prices.
UK house sales were 8% lower in 2015 over the year with London and majority of towns leading the way.
New research by the Resolution Foundation finds the average first time buyer takes 24 years to save enough deposit to buy their home.
Extra powers could be handed to the Bank of England to limit buy-to-let landlord borrowing to maintain financial stability.
A study produced by the CEBR for estate agent associations shows UK house prices are expected to rise by 50% in the next ten years.
Property prices in the UK have increased 7.0% over the year to October with an average price of £287,000 according to the ONS.