Mutuals' gross lending up 36%
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Gross lending by mutuals was up 36 per cent, from £1.2bn in February to £1.6bn in March, according to figures released today by the Building Societies Association.
Approvals also increased from £1.4bn to £1.7bn between February and March, a 21 per cent increase.
Net lending by mutuals in March 2010 was -£764m compared to -£863m in February.
Saving balances increased by £534m in March 2010 compared to an increase of £807m in February.
BSA director general Adrian Coles says: “Lending activity appears to have gained some momentum following a sluggish start to the year, and the relatively strong approval figures bode well for coming months. However, the mortgage market will remain fragile as there is uncertainty in relation to employment, interest rates, house price inflation, mortgage availability and, conceivably even after the election, the political outlook.”
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