Mutuals make the most of funding for lending scheme
30 April 2013
Gross mortgage lending by building societies and mutual lenders hit £2.9bn in March 2013 - up by 8% compared to the same month the previous year. Deloitte, the business advisory firm, says mutuals are benefitting from the Funding for Lending Scheme and taking a large share of the first-time buyer market.
Stephen Williams, head of the Building Societies Practice at Deloitte, said:
“These lending figures show that mutuals continue to thrive and that lending is up by about a fifth in the first few months of this year compared to last. Throughout the rest of the year, building societies are set to continue to fund an increased demand for private rental, social housing provision as well as home ownership. They are taking advantage of gaps in the mortgage market as banks continue to deleverage. This will be supported by the Funding for Lending Scheme which will provide greater lending capacity. There has also been a welcome resurgence in lending to first-time buyers, which is at the highest level since 2007. I expect this trend to continue this year.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.