Building society lending subdued
Commenting on the lending figures, Adrian Coles, BSA Director-General, said: “Although it is not possible to compare lending figures in January to previous periods it is evident that activity was subdued and this has been felt by all lenders. Low activity in the month was expected following the surge of buyers aiming to beat the end of the stamp duty relief in December. The adverse weather conditions experienced at the start of the year have further suppressed market activity.”
The data shows:
• Mutuals’ gross lending amounted to £1,039 million in January 2010.
• Net lending by mutuals in January 2010 was – £819 million.
• Approvals by mutuals in January 2010 were £832 million.