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Building societies' mortgage lending jumps 19%
30/07/10
Edited by Tom Bardsley.Gross mortgage lending by the UK's building societies topped £1.79 billion during June, according to the latest industry statistics.
The Building Societies Association (BSA), which compiled the data, said this was up 19 per cent on the £1.5 billion approved in May and 34 per cent above the average of £1.34 billion recorded over the previous five months.
Approvals for new residential property purchases were worth £1.73 billion in June, the highest figure recorded this year.
BSA director-general Adrian Coles said: "Activity in the mortgage market has picked up compared to the start of the year and the rising number of approvals is a positive indicator for coming months."
However, he added, the impact of impending public sector spending cuts will add to economic uncertainty, which could restrict any "significant growth" in lending during the second half of the year.
According to the Council of Mortgage Lenders, gross mortgage approvals from all providers were worth £13.1 billion in June.
