Mutual sector sees gross lending of £1bn in January
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The value of mutual sector approvals in January was £0.8bn, with gross lending of £1bn, compared to £1.8bn in December.
Net lending by mutuals in January 2010 was £819m.
On the savings side, mutuals saw net withdrawals of £755m in January 2010, with £180m from Cash ISAs.
The Bank of England has combined figures for building societies and mutually owned banks. This new data is reported as the ‘mutual sector’, which means previous data will not be restated and therefore it is not possible to make comparisons with previous periods.
Adrian Coles, director-general of the BSA, says: “Although it is not possible to compare lending figures in January to previous periods it is evident that activity was subdued and this has been felt by all lenders. Low activity in the month was expected following the surge of buyers aiming to beat the end of the Stamp Duty relief in December.
“The adverse weather conditions experienced at the start of the year have further suppressed market activity.”
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