BSA reports higher lending from UK mutuals

Gross mortgage lending by mutual lenders rose last month, the Buildings Societies Association BSA has revealed.

Lending stood at £1,508 million in May 2010, up eight per cent on the 1,399 million lent in April.

Mortgage loans approved but not yet made stood at £1,571 million, similar to the previous month's total of £1,527 million.

Adrian Coles, director-general of the BSA, said mortgage lending by mutuals was slightly higher in May than in April.

However, he noted that confidence in the housing market "remains relatively subdued".

According to the BSA's June Property Tracker survey, just 45 per cent of people think now is a good time to buy.

Concerns over the uncertain economic outlook, and their ability to raise a deposit and access cheap mortgages are at the forefront of many peoples' minds, the organisation said.

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2010-06-30 13:31:45 © Moneyextra.com