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Mortgage lending up at building societies

Mortgage lending up at building societies

Category: Mortgages

Updated: 30/05/2012
First Published: 30/05/2012

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This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Mortgage lending by mutuals increased again during April, the Building Societies Association (BSA) has announced.

Gross mortgage lending by building societies and other mutual lenders rose 23% in April 2012 compared to the same month last year.

In the first four months of 2012, lending rose by more than a third (36%) compared to the same period in 2011.

Mortgage approvals by mutuals were up 50% in April compared to the same month last year, and were 20% higher than the average over the previous six months.

There was a monthly fall in lending, although this was expected as the curtain was brought down on the stamp duty holiday at the end of March

"Gross lending by mutuals increased again in April year on year, whilst lending by banks fell slightly," Adrian Coles, director-general of the BSA, said.

"As expected gross lending was down on the March figure as mortgage lending in that month was boosted by first-time buyer activity to beat the stamp duty holiday.

"Approvals were strong in April running well above the previous six month average. This clearly indicates that mutuals will continue to be active lenders to homebuyers in coming months."

Mr Coles added that savings balances at mutuals increased in April, but it remains 'difficult to attract savers when household finances are still pressed'.

Retail savings balances at mutuals increased by £99 million in April, compared to an increase of £1.47 billion in the same month last year.

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