sure, especially in the UK they realise that first year is an acclimating stage. IN fact at Oxbridge then entire results of the first two years count for nothing, except an uncomfortable cup of tea with the department head if your at the bottom half of the class. (do hear it's very unpleasant though).
My personal tutor (a very smart lady PHD all kinds of qualifications MBA etc) told me first year marks are slightly important, but more important is an improving trajectory.
low performance first year, better performance second year, top performance third year.
Also personal statement and work experience will also play a role, it isn't just first year marks. Present an active body of work over three years and you will be fine.