Mortgage approvals 'increased in September'

Posted: 31 Oct 2011 12:47:03 GMT

There was a 33 per cent increase in mortgage approvals at mutuals in September.

Mortgage approvals at mutuals increased by 33 per cent across September, new research has found.

Carried out by the Building Societies Association (BSA), the study revealed both the value of these actions and gross lending stood at their highest levels in the four-week period since the BSA started compiling such data in January 2010.

In addition, savings balances in the month rose by £0.6 billion when judged against outflow of the same amount during September 2010.

Adrian Coles, director-general of the BSA - which represents all 48 building societies found in the UK - said: "Although the UK economic outlook remains challenging, mutual lenders continue to support homebuyers by providing attractive mortgage products."

The industry figure pointed out recent volatility in the stock market, which caused investors to search for stable homes for their money, may be one of the reasons why savings balances held with mutual deposit takers have increased of late.
 

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