Data released by the Building Societies Association (BSA) shows that lending has increased, indicating a healthy start for the market in 2012. Gross lending by building societies and mutual lenders was £1,908 million in February 2012. This is a rise of 28% compared to February 2011 (£1,486 million). This is also a slight rise on the figures for January, when gross lending was £1,892 million.
New mortgage approval figures also showed increases. In January 2012 the number of approvals totalled £2,226 million. This is a rise of 29% on January when the figure was £1,730 million. This is also an increase of 31% compared to February 2011. Last year the number of new approvals was £1,693 million.
Adrian Coles, Director-General of the BSA commented:
“Gross lending and mortgage approvals by mutuals continued to rise year-on-year in February, despite growth across the market as a whole remaining relatively flat. The strong financial results released by a number of mutual lenders in recent months show that the sector is well positioned to offer market leading products to its customers and are open for business.”
These figures seem to show an optimistic start to the year, with rising approvals and lending. Whether these increases can be sustained through the year remains to be seen.
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