Gross lending by building societies and other mutuals in the UK was Ј2.5 billion in November, up 24% compared to November 2010, reaching a new high since the Building Societies Association started reporting on the current basis in January 2010.
There was a 16% increase in gross mortgage lending for the first 11 months of 2011 at Ј21.5 billion compared with Ј18.6 billion from January to November 2010, the BSA figures show.
Some Ј2.1 billion of mortgages were approved in November, up 13% on November 2010 and there was a 17% rise in mortgage approvals for the first 11 months of 2011 at Ј21.3 billion compared with Ј18.1 billion from January to November 2010.
'Mutuals have shown their resilience in the face of tough market conditions over the past year and have continued to see their new mortgage lending increase. Mutuals lent 16% more from January to November 2011 compared to the same period in 2010, whilst lending across the mortgage market as a whole has remained broadly flat,' said BSA director general Adrian Coles.
'The New Year has seen some excellent mortgage products go on sale from mutuals with a return to some offering higher loan to value mortgages. These are encouraging trends against rather discouraging developments in the wider economy,' he noted.
'2011 has been a difficult year for savers who have faced a substantial squeeze on their incomes from rising living costs, relatively low wage growth and very low interest rates. Yet in recent months mutuals have seen a net inflow into savings accounts as savers look for the security and certainty which equity markets lack. Households may also be delaying big ticket purchases to put money aside for a rainy day,' he added.
There was a 16% increase in gross mortgage lending for the first 11 months of 2011 at Ј21.5 billion compared with Ј18.6 billion from January to November 2010, the BSA figures show.
Some Ј2.1 billion of mortgages were approved in November, up 13% on November 2010 and there was a 17% rise in mortgage approvals for the first 11 months of 2011 at Ј21.3 billion compared with Ј18.1 billion from January to November 2010.
'Mutuals have shown their resilience in the face of tough market conditions over the past year and have continued to see their new mortgage lending increase. Mutuals lent 16% more from January to November 2011 compared to the same period in 2010, whilst lending across the mortgage market as a whole has remained broadly flat,' said BSA director general Adrian Coles.
'The New Year has seen some excellent mortgage products go on sale from mutuals with a return to some offering higher loan to value mortgages. These are encouraging trends against rather discouraging developments in the wider economy,' he noted.
'2011 has been a difficult year for savers who have faced a substantial squeeze on their incomes from rising living costs, relatively low wage growth and very low interest rates. Yet in recent months mutuals have seen a net inflow into savings accounts as savers look for the security and certainty which equity markets lack. Households may also be delaying big ticket purchases to put money aside for a rainy day,' he added.
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