Mutuals approved £1.1 billion worth of loans in January which is up 37% compared to the £0.8 billion in January 2010.
Commenting on the figures, Adrian Coles, director-general of the Building Societies Association, said: "Mortgage lending by mutuals in January was up year on year, although the comparable figure for January last year was depressed, as it followed the termination of the last Government's stamp duty holiday that ceased at the end of 2009.
“On a seasonally adjusted basis, mutuals' mortgage lending and approvals figures for January were broadly similar to the averages over the preceding six months."
Mutual statistics January 2011
Data below are not seasonally adjusted.
- Mutuals' gross lending amounted to £1,433 million in January 2011 compared to £1,039 million in January 2010.
- Net lending by mutuals in January 2011 was -£526 million compared -£838 million in January 2010.
- Mortgage approvals by mutuals in January 2011 were £1,123 million compared to £820 million in January 2010.
