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Mutuals’ gross lending up 15% year-on-year

Gross lending by building societies for the first 10 months of the year increased 15 per cent compared to the year before.

In 2010, gross lending by building societies reached £16.6bn between January and October, compared to £19.1bn over the same period this year.

Gross lending in October increased 20 per cent compared to the year before, from £2bn in October 2010 to £2.3bn.

Building societies approved £2bn of mortgages in October, up 14 per cent on the £1.8bn approved in October 2010.

Building Societies Association director-general Adrian Coles says: “With the Government recently announcing policies that highlight the importance of the housing market to the UK economy, building societies and other mutual lenders continue to play their part supporting homebuyers.

“So far this year, mutual lenders have lent 15 per cent more than in the same period in 2010, whereas other lenders have so far lent 1 per cent less than last year.”

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