Building society lending steady, but remains depressed

Gross mortgage lending by building societies was £1,515m in May, compared to £3,530m for the same period last year.

Gross mortgage lending by building societies was still 57% lower than gross lending in May last year. Building society mortgage approvals were also at similar levels to recent months.

However, the £1,607m of approvals in May were still about 35% lower than the value of mortgages approved in May last year. Therefore, while the mortgage market appears to have recovered slightly from the start of the year, levels of activity remain depressed.

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