UK mortgage lending and approvals positive, latest figures indicate
01-06-2012
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Figures from the Building Societies Association show that in the first four months of 2012 lending rose 36% compared to the same period in 2011. Net lending by mutuals was positive for a seventh consecutive month.
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. Showing a very healthy pipeline, approvals were up 43% in the first four months of the year compared to the same period in 2011
‘Gross lending by mutuals increased again in April year on year, whilst lending by banks fell slightly. 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,’ said Adrian Coles, director general of the Building Societies Association.
‘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 home buyers in coming months,’ he added.
