Mutuals see 9% drop in mortgage lending
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Mutuals approved £1,527m worth of loans in April, compared to £1,677m in March - a 9% reduction, figures out today from the Building Societies Association show.
Gross lending was also down at £1,399m in April, a 13% fall on £1,605m in March.
Adrian Coles, director-general of the BSA, says lending is likely to stay low for some time.
He says: “Lending activity in April was relatively subdued compared to March, and given the continuing uncertainty regarding unemployment, possible tax rises, the future path of house prices and the availability of mortgage funds, lending figures are likely to remain at a similar level in coming months.”
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