Gross mortgage lending also increased by 40% in the first quarter of 2012 compared to the first quarter of 2011.
Net lending by mutuals was positive for the sixth consecutive month.
Mortgage approvals by mutuals were up 39% in March compared to March last year and they were up 40% in the first quarter of the year compared to the first quarter of 2011.
Adrian Coles, director-general of the BSA, said: “The additional lending in March can in part be attributed to the increased number of first-time buyers who took action to get the benefit of the stamp duty concession before it ended on 24 March.
"In all around 6,500 mortgage loans were made to first-time buyers by building societies and other mutuals in March, up from 3,100 in March last year. Of these about two thirds are estimated to have benefited from the stamp duty exemption.
“Some purchase decisions are likely to have been brought forward as a result of the deadline so lending to first time buyers may dip slightly in coming months.”
