Depending on whether it's a core module or not (and what you got in it), your uni may condone (sometimes other terms are used) the module and simply allow you to progress to the next stage with whatever failing result you got. First year usually doesn't count for much if anything towards your final degree classification as well, so it won't "drag down your average", although potentially some summer placements or internships may ask you about it in interview or something. Once you graduate it will probably be less of a concern compared to your final classification and performance in relevant modules (which may include your final project/dissertation, depending on what you're applying to).
If it is a core module then you will mostly likely be require to retake in the summer exam period, and if you fail that you may be required to retake the year, or exceptionally be permitted to continue to second year but be required to retake that module along with your second year modules.
You should speak to your personal tutor/director of studies and refer to the programme regulations to be certain though, as policies vary somewhat depending on the programme and university (courses with clinical components or similar may have additional requirements for example).