Figures from the Building Societies Association show continued momentum in the housing market, with gross lending by building societies up 22 per cent in the third quarter of this year, compared to the same period in 2020.
During the third quarter, societies approved 109,575 mortgage loans, some four per cent more than in Q3 2020; and building societies hold outstanding mortgage balances of £351.2 billion, a 23 per cent share of the total mortgage market.
Andrew Gall, chief economist at the BSA, says: “The strong level of mortgage lending activity in the third quarter by building societies, and across the wider market, suggests that the tapering of the stamp duty holiday has not been a major barrier to property purchase.
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"Property sales plummet, but there's nothing to worry about"; "interest rate hike won't hurt". I'm surprised there isn't a third headline in EAT today saying "estate agents go bankrupt, but everyone's fine".
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