UK Building Society Gross Lending Steadies In November

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Monday, UK's Building Societies Association said the seasonally adjusted gross mortgage lending was GBP 1.5 billion in November, the same as October. On an unadjusted basis, gross mortgage lending was GBP 1.6 billion in November, compared to GBP 1.7 billion in October. A year ago, lending was GBP 2.51 billion.

Net lending by building societies was minus GBP 543 million in November compared to GBP 412 million in the previous year. Mortgages approved by building societies in November amounted to GBP 1.29 billion compared to GBP 2.17 billion in last year.

"Although the housing market has stabilized slightly in recent months following the drop in activity at the start of the year, lending is still at lower levels than a year ago," BSA Director-General Adrian Coles said. "Funding conditions for all lenders are improving slowly, but these are still acting as a brake on lending, as is the relatively small number of properties coming to market." He noted that lending activity is likely to remain relatively depressed in 2010 until funding and supply conditions improve.

Monday, UK's Building Societies Association said the seasonally adjusted gross mortgage lending was GBP 1.5 billion in November, the same as October. On an unadjusted basis, gross mortgage lending was GBP 1.6 billion in November, compared to GBP 1.7 billion in October. A year ago, lending was GBP 2.51 billion. (Market News Provided by RTTNews)