Gross mortgage lending by building societies hit the highest level seen this year in June although it remains 40% lower than last year.
The latest statistics from the Building Societies Association (BSA) show that while gross lending grew from £1.51bn in May to £2bn in June, it remains 40% lower than the £3.25bn recorded in June last year. Net lending by building societies in June 2009 was -£511m compared to -£471m in June 2008. Mortgage approvals in June 2009 also dropped to £1,817m compared to £2,721m in June 2008. Building societies had a net withdrawal of £2,239m in June 2009 compared to net receipt of £419m in June 2008. Savings balances held by building societies also decreased by £1,913m in June 2009, compar...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
