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Mutuals’ gross mortgage lending up 19% in June

Gross mortgage lending by mutuals was £1.8bn in June, an increase of 19 per cent compared to the £1.5bn in May, according to figures by the Building Societies Association.

The figure is 34 per cent higher than the average of £1.34bn recorded over the previous five months.

Mortgage approvals worth £1.73bn were made in June, an increase of 11 per cent on the £1.55bn in May and the highest level this year.

Savings balances at mutuals increased by £16 million in June 2010, compared to a reduction of £373 million in May.

BSA director general Adrian Coles says: “Activity in the mortgage market has picked up compared to the start of the year, and the rising number of approvals is a positive indicator for coming months. However, the forthcoming public sector cuts may add to the economic uncertainty which could constrain any significant growth in mortgage lending in coming months.”

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