Gross mortgage lending from building societies and other mutual lenders in the UK increased markedly throughout January, new figures have suggested.
Provided by the Building Societies Association (BSA), the findings showed such levels swelled by 32 per cent during the first month of 2012, while home loan approvals rose by 54 per cent.
According to the study, gross mortgage lending increased from £1.4 billion to £1.9 billion over the four-week spell, with £1.7 billion of the deals being given the green light.
Adrian Coles, director-general of the BSA – which is a trade association representing all 47 building societies in the UK – explained the movement may have been steered by first-time buyers looking to take advantage of the stamp duty holiday before March sees the break come to an end.
Mr Coles stated: ” Lending activity by mutuals was up significantly in January compared to the same month last year, continuing the trend of increased lending by the mutual sector seen throughout 2011.”
The industry figure pointed out the last 12 months have seen household budgets particularly stretched, with greater levels of unemployment taking hold and price escalations outpacing earnings growth.
