Gross mortgage lending by building societies was £1,976 million in June 2009, compared to £3,254 million in June 2008.

Mortgage approvals in June 2009 were £1,817 million compared to £2,721 million in June 2008.

Commenting on the mortgage figures, Brian Morris, Head of Savings Policy at the BSA, said: “Gross mortgage lending by building societies was just under £2 billion in June 2009, the highest level seen this year, and up 30% on May. Despite this, lending remains at historically low levels, and is 40% lower than in June 2008. Mortgage approvals show signs of stabilising as they reached a year high of £1.8 billion, but are more than 30% down on this time last year.”