Gross mortgage lending by building societies and other mutuals is continuing to climb, new research has shown.
According to the Building Societies Association (BSA), the first six months of 2012 saw activity of this type reach £14.1 billion.
This represented a 38 per cent escalation on the £10.2 billion recorded in the same period one year earlier, while June alone witnessed a 28 per cent increase in lending.
In addition, it was shown that mortgage approvals by mutuals were 45 per cent greater in the first half of 2012 than they were in the same period in 2011.
Paul Broadhead, head of mortgage policy at the BSA, noted: “Lending by mutuals has grown in each month of 2012 on a year-on-year basis and the June figures for mortgage approvals are above the previous six months’ average.”
Mr Broadhead explained the positive figures suggest activity of this kind is likely to continue on a similar trajectory over the months ahead.
He explained that while lending by banks has been relatively weak of late, mutuals are still demonstrating their commitment to such deals and are providing some of the market’s most favourable rates.
