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Societies grab a bigger share as loans stabilise

A slight fall in the level of mortgage lending during August suggests the market is stabilising, according to the Council of Mortgage Lenders.

The CML says lending dipped to £10.7bn from £10.8bn in the same month last year.

Figures from the Building Societies Association show societies are taking a greater share of lending, with gross advances up to £2.4bn in August from £2.2bn in July this year.

The CML says its monthly statistics reveal there has been little change in the proportion of first-time buyers, who accounted for 44 per cent of lending during August. Its figures are based on mortgage completions from banks and building societies.

CML director general Michael Coogan says: “The latest figures continue to suggest the market is stabilising. This is consistent with the overall climate of the economy.”

The BSA maintains building societies are leaping ahead and taking a sizeable share of the market. It also reports increases in the level of savings, with deposits increasing to £1.2bn in August from £920m the previous month.

BSA director general Adrian Coles says: “August&#39s net receipts were the highest for nearly two years and well above expected levels for this time of year.

“Uncertainties about stockmarket values and competitive rates of interest enabled building societies to attract money into both Isa and other accounts during the month.

“Taking account of normal seasonal movements, all of the lending measures were at their strongest for five months, suggesting that building societies are taking share from other lenders.”


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