Customer lending balances across the group were up $8bn in 2021, primarily driven by growth in mortgage balances across the UK and Hong Kong.

According to the bank, it provided a mortgage for over 28,000 first-time buyers across the UK, and helped fund 90,000 homes over the year.

“While our average LTV for first time buyers has lowered from 81% in 2020 to 77% in 2021, we proudly signed up to the government’s Mortgage Guarantee Scheme. Alongside the stamp duty land tax relief, these initiatives helped keep the housing market moving,” says HSBC UK head of buying a home, Michelle Andrews.

The average price paid by FTBs on a property was £275,000, with an average mortgage of £212,000, compared to £240,000 and £196,000 in 2020.

The average LTV for FTBs was 77%, compared to 81% LTV in 2020. The average LTV across all mortgages fell from 70% to 67%.