Gross lending by mutuals totalled £2.1bn in June 2011, up 16% compared to the £1.8bn in June 2010 and up 15% from May 2011.
Approvals in the first six months of the year were £10.6bn, up 20% from £8.8bn compared to the same period last year. Mortgage approvals by mutuals were £2.1bn in June, an increase of 12% compared to the £1.9bn approved in June last year.
Adrian Coles, director general of the Building Societies Association, said: “Despite the evident weakness in the housing market, mutuals continued to strengthen their position with gross lending and approvals up 20% in the first half of the year compared to the first six months of last year.
“Mutuals continue to perform strongly in tough economic conditions, and are offering highly competitive products tailored to meet the needs of the communities in which they operate.”
