Mortgage approvals hit 13-month high

Mortgage approvals rose to a 13-month high last month, according to new figures from the Bank of England.

The Bank of England said that approvals totalled 48,421 in June, up from 46,418 in May and the highest level since May 2010.

Gross mortgage lending by mutuals also increased by 20% in the first six months of 2011 compared to the previous year. It totalled £10.2bn, compared to £8.5bn in the same period last year.

Adrian Coles, director-general of the Building Societies Association, says mutuals are continuing to grow: "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."

The Yorkshire Building Society has more than doubled its gross mortgage lending between the first half of 2010 and the first half of 2011. The society has reported gross mortgage lending of £1.5bn for the first six months of this year, up from £718m the first half of 2010.

July 29, 2011