Mortgage approvals at mutuals rose by 33 per cent in September, new figures have shown.
Provided by the Building Societies Association (BSA), the statistics revealed both the value of these agreements and gross lending during the month were at their greatest levels since January 2010.
It was also demonstrated that savings balances in the four-week period swelled by £0.6 billion when compared with that recorded over the same month in 2010.
Adrian Coles, director-general of the BSA – which represents each of the 47 building societies found in the UK today – said mutual lenders are continuing to provide attractive mortgages products even though the economic outlook in the UK remains dismal.
The industry figure stated: “Over the first three quarters of the year gross lending by mutuals was up 14 per cent on the previous year and the growth in approvals suggests that this trend will continue.”
Across the third quarter of 2011, savings balances have increased considerably, he pointed out, suggesting this is partly because recent stock market volatility has resulted in investors searching for stable holdings for their money.