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Lending on the up at mutuals in 2011
Gross lending by building societies and other mutuals in 2011 was £23.6bn, 16 per cent more than in 2010 (£20.4bn).
The Building Societies Association has reported gross lending by mutuals in December was £2.1bn, up 15 per cent compared with the £1.8bn in December 2010.
There was a 19 per cent increase in mortgage approvals in 2011 at £23.1bn, compared with £19.4bn in 2010.
The BSA revealed £1.8bn of mortgages were approved in December, up 49 per cent on December 2010.
Adrian Coles, director-general of the Building Societies Association, said: “Activity in the housing market has been weak throughout 2011 with the number of transactions close to an all time low.
“New lending by mutuals, however, rose 16 per cent in 2011 compared to 2010, while the UK’s major banks recorded a small reduction in lending over the same period.
“The housing market faces significant headwinds over the coming 12 months but mutuals are poised to take on these challenges and continue to offer market leading rates and innovative products to home movers and first-time buyers alike.”
