Mar 1, 2012
Lending and approvals by mutuals rise year on year in January
Building societies and other mutual lenders continued to increase their lending in January 2012, compared to the same month in 2011.
Gross mortgage lending was up 32% and mortgage approvals increased by 54% on January 2011.
There was a 32% rise in gross mortgage lending in January, up to £1.9 billion from £1.4 billion in January 2011.
£1.7 billion of mortgages were approved in January, up 54% on January 2011 (£1.1 billion).
Commenting, Adrian Coles, Director-General of the Building Societies Association, said: “New lending and approvals for house purchase picked up across the market in January, perhaps in part due to first-time buyers taking advantage of the stamp duty holiday before it ends in March. Lending activity by mutuals was up significantly in January compared to the same month last year, continuing the trend of increased lending by the mutual sector seen throughout 2011.”
