Mortgage lending by mutuals up 10% in September
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Gross mortgage lending by mutuals was £2.2bn in September, which is 10% greater than the £2.0bn lent in August.
Mortgage approvals made in September amounted to £1.9bn, a slight increase on the £1.8bn approved in August.
Net lending by mutuals in September 2010 was -£12m compared to -£278m in August.
Adrian Coles, director-general of the BSA, says: “Although the mortgage market remains relatively weak, mutual lenders have seen a slight increase in lending over recent months. However, recent reports of house price declines are likely to reduce demand for house purchase, and the effects of the Spending Review may also weigh on buyers’ confidence.”
Savings balances held at mutuals decreased by £569m in September, following a decrease of £699m in August. Excluding interest credited to accounts £819m was withdrawn in September, compared to £1,02bn in August.
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