Mutuals approved mortgages of £1.9 billion in November, compared to £1.8 billion in October, according to the Building Societies Association.
Commenting on the mortgage figures, Adrian Coles, director general of the BSA said: “Gross lending by mutuals was broadly flat in October and November, despite activity usually dropping off at this time of year.
“However, activity in the mortgage market in 2011 is likely to continue to be relatively subdued because of challenges for lenders in raising funds for lending and reduced demand from mortgage borrowers until the outlook for the economy and labour market becomes more positive.”
Mutual statistics for November 2010
• Mutuals’ gross lending amounted to £1,998 million in November 2010 compared to £1,964 million in October.
• Net lending by mutuals in November 2010 was -£388 million compared to -£290 million in October.
• Mortgages approvals by mutuals in November 2010 were £1,900 million compared to £1,760 million in October.
