Gross lending by mutuals hits high for the year
Mortgage approvals made in July amounted to £1.9 billion, the same as in June.
Commenting on the figures, Adrian Coles, director-general of the BSA, said: “Lending by mutual mortgage providers has picked up over the summer months, and the approvals figures suggest this level of lending may continue in the near future. Nevertheless, while the outlook appears a little brighter, there remain significant challenges such as heightened uncertainty about job prospects and household incomes, potentially limiting future demand. This could make it difficult to sustain the growth in activity.”
Mutuals’ gross lending amounted to £1,995 million in July 2010 compared to £1,798 million in June. Net lending by mutuals in July 2010 was -£379 million compared to -£432 million in June. Approvals by mutuals in July 2010 were £1,940 million compared to £1,894 million in June.