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Mortgage lending increased in July
Gross mortgage lending by mutuals in July reached £2 billion, the highest monthly figures so far this year, and an increase of 11 per cent on the numbers for June, new figures reveal.
Mortgage approvals in the month made up £1.9 billion of the gross lending which has led to optimism around the lending market.
Commenting on the figures, Adrian Coles, director-general of the Building Society Association, said: "Lending by mutual mortgage providers has picked up over the summer months, and the approvals figures suggest this level of lending may continue in the near future."
Mr Coles also urged for caution as, although the outlook surrounding personal loans and mortgage lending appears brighter, challenges do remain in the shape of uncertainty in the job market and falling household incomes.
These issues may limit demand in the future which would make sustaining the current growth in the loan market very difficult.
Savings balances have decreased in July as £1.3 billion was withdrawn from accounts in July compared to only £0.3 billion in June.
"The savings withdrawals may indicate the difficult economic conditions," added Mr Coles.