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Building societies lending more

30th October 2012 | back to article listings BACK    print this article PRINT

New figures show that gross mortgage lending by building societies and other mutual lenders rose by 10% year-on-year in September to 2.5 billion.

The statistics, which have been highlighted by the Building Societies Association (BSA), also indicate that the market share of gross lending that mutuals have increased from 17% in September 2011 to 22% in the same month this year.

Their lending share was 21% during the first three quarters of 2012 and net mortgage lending in that period was 4.9 billion, with 0.5 billion of that in September, which the BSA thinks is a positive result for building societies.

"These lending figures show that building societies and other mutuals are continuing to increase their lending to help people buy their homes. Net mortgage lending by mutuals was 4.9 billion in the last nine months, out of 6.0 billion across the market as a whole," said BSA director general Adrian Coles.

"The funds from the Bank of England's Funding for Lending Scheme will take some time to be drawn, and flow through into the mortgage market. As the scheme is favourable to institutions which are looking to increase their lending, it will clearly appeal to many mutual lenders."

Copyright Press Association 2012

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