Building Society mortgage lending up in September

Gross mortgage lending by building societies was £3.1bn, a decline of 22% on September 2007, as buyers continue to stay away from the market. Meanwhile, approvals in September were £2,510m compared to £3,668m last year. Adrian Coles, director general of the BSA, says: “With the housing market depressed as house prices continue falling and with confidence amongst potential homebuyers low, it is no surprise that mortgage lending is down on last year, and the mortgage market is unlikely to recover for some time. Nevertheless, the increase in net lending in September is to be welcomed.” T...