Gross mortgage lending by building societies and mutual lenders increased by 23% in April 2012 compared with the same month last year, figures released by the Building Societies Association today. In the first four months of 2012 lending rose by 36% compared to the first four months of 2011.
Mortgage approvals by mutuals were up by 50% in April compared to the same month last year. This is 20% higher than the average over the last six months. Approvals for the first four months of the year were up 43% when compared to the same period in 2011.
Adrian Coles, Director-General of the Building Societies Association commented:
“Gross lending by mutuals increased again in April year on year, whilst lending by banks fell slightly. As expected gross lending was down on the March figure as mortgage lending in that month was boosted by first-time buyer activity to beat the stamp duty holiday. Approvals were strong in April running well above the previous six month average. This clearly indicates that mutuals will continue to be active lenders to homebuyers in coming months.”
This news follows from the announcement by Nationwide last week that it had increased its gross mortgage lending by 44% over the last year.
Today’s Conveyancer — bringing you the latest conveyancing news and updates