2 Nov

Mortgage lending on houses for sale rise by ten per cent

Mortgage lending on houses for sale rise by ten per cent

Mortgage lending has increased by ten per cent for people looking to purchase houses for sale in the UK, a report has shown.

According to the Building Societies Association (BSA), gross mortgage lending by mutuals reached £2.2 billion in September 2010.

This represents an increase of ten per cent from the August figure of £2 billion.

Director-general of the BSA Adrian Coles said that this rise in mortgage lending comes in spite of the weak home loan market.

The BSA also revealed that the value of mortgage approvals made in September accounted for £1.9 billion, which is a rise from the £1.8 billion that was approved the month before.

These findings reflect figures released by the British Bankers' Association last month, which found that the amount of money lent for people to buy properties for sale in Britain during September had risen by 3.9 per cent compared with the month before. ADNFCR-1222-ID-800211397-ADNFCR

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