2 Aug

Lending to individuals shows signs of stabilising

Lending to individuals shows signs of stabilising

Gross mortgage lending in June was at the highest level seen this year, according to statistics.

The Building Societies Association (BSA) revealed that its institutions spent £1,976 million on gross mortgage lending last month, reaching a year high.

Brian Morris, head of savings policy at the BSA, was broadly pleased with the findings.

"Gross mortgage lending by building societies was just under £2 billion in June 2009, the highest level seen this year, and up 30 per cent on May," he said.

Meanwhile, the Bank of England disclosed that 47,584 house purchase loans and 35,011 loans for remortgaging purposes were approved in June, which was at a higher rate than for the previous month - and above the six-month average.

The number of loans approved for other purposes was also higher than in May.

Similarly, credit card lending increased by a net £0.2 billion, which saw the three-month annualised growth rate swell by 0.1 percentage points to 0.6 per cent.

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