U.K. Building Society Gross Lending Remains Subdued In August

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Tuesday, the Building Societies Association announced that gross lending by U.K.'s building societies stood at a seasonally adjusted £1.52 billion in August, down from £2.65 billion in the same month of the previous year.

In August, mortgage approvals amounted to £1.34 billion compared to £2.89 billion a year ago.

However, comparison with previous data must be made with caution as August's data excludes Britannia, which merged with The Co-operative Financial Services at the start of the month and is no longer classified as a building society.

"Gross lending was subdued in August, but appears to be at broadly similar levels to recent months after seasonal factors are adjusted for. However, the market remains very depressed compared to previous years," BSA Director-General Adrian Coles said.

The BSA expects lending to remain subdued until funds for mortgage lending are more widely available to building societies and other lenders.

Tuesday, the Building Societies Association announced that gross lending by U.K.'s building societies stood at a seasonally adjusted £1.52 billion in August, down from £2.65 billion in the same month of the previous year. (Market News Provided by RTTNews)