Gross mortgage lending by building societies was £1,515 million in May 2009, compared to £3,530 million in May 2008.

Commenting on mortgage figures, Adrian Coles, Director-General of the BSA, said:

“Gross mortgage lending by building societies was £1,515 million in May 2009, a similar level to the previous two months, but still 57% lower than gross lending in May last year. Building society mortgage approvals were also at similar levels to recent months. However, the £1,607 million of approvals in May were still about 35% lower than the value of mortgages approved in May last year. Therefore, while the mortgage market appears to have recovered slightly from the start of the year, levels of activity remain depressed.”