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Societies&#39 lending at two-year high

Building society mortgage lending hit a two-year high in March.

Building Societies Association figures show gross lending by societies

totalled 2.4bn in March compared with 1.45bn in February.

Approvals, or loans agreed but not yet made, increased
by more than 50

per cent to 3.38bn from 2bn in February, the highest fig^_ure in over two

years.

The growth of societies is in keeping with the
trends in the mortgage

industry in general, according to Council of Mortgage Lenders&#39 figures.

Gross mortgage lending for March increased to 10.8bn from 7.9bn in February.

Loans for house purchases made up 67 per cent of the total lending at 7.2bn.

Average new mortgage rates increased to 6.10 per cent in response to rises

in base rates earlier this year.

The average new variable rate was 5.96 per cent and the average fixed rate

was 6.36 per cent.

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