Building societies and other mutuals increased their gross mortgage lending in May, new findings have shown.
Produced by the Building Societies Association (BSA), the figures revealed activity of this type escalated by 54 per cent when compared with the same month in 2011.
It was demonstrated that while just £1.8 billion was handed out in May last year, this figure climbed to £2.8 billion this time around.
According to the study, lending rose 40 per cent in the first five months of 2012 when judged against the same period in 2011, while bank gross lending escalated eight per cent and year to date movement upped by four per cent in the time frame.
Adrian Coles, director-general of the BSA, described the activity from mutuals as strong.
Mr Coles stated: “The mutual sector is giving a strong signal that it is open for business to all types of borrower whether buying a property for the first time or remortgaging.”
He noted the BSA also discovered almost a quarter – 24 per cent – of new lending in 2012 has been handed to first-time buyers.
