For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Mutual lending 'over £1bn in January'
The value of loan approvals agreed in the mutual sector reached over £1 billion in January, according to new research.
Figures from the Building Societies Association (BSA) revealed that gross lending reached £1,039 million in the month, with net lending by mutuals reaching £819 million.
Net withdrawals of £755 million were also seen over the period analysed, with around £180 million being taken from cash Isas.
Adrian Coles, director-general of the BSA, said it was "evident" activity in the sector has been subdued.
He added: "Low activity in the month was expected following the surge of buyers aiming to beat the end of the stamp duty relief in December. The adverse weather conditions experienced at the start of the year have further suppressed market activity."
New Bank of England figures have revealed that total net lending to individuals in the UK rose by £2 billion in January.
The figure represented a three-month annualised growth rate of 1.3 per cent.