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Mortgage lending falls in August

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Gross mortgage lending to individuals fell to £11.3bn in August, according to data released by the Bank of England.

Lending secured on dwellings fell £0.3bn from the figure of £11.6bn posted in July, the report said. This was also down on the previous six-month average of £11.9bn.

Total loans on all types of properties in August were 89,241, up marginally on the previous month’s 88,717 total.

During the month the number of loans approved for house purchase was 47,665, marginally up on July figures.

The number of approvals for remortgaging also increased, to 26,139, while the the amount of loans to other properties fell slightly month-on-month to 15,437.

Meanwhile, the Building Societies Association (BSA) revealed that gross mortgage lending by mutuals was £3.0bn in August, up by 40% compared to the same month last year.

Mutuals took a 23% market share of gross lending in August, up from 16% in August 2011, and took 21% share of lending in the first eight months of the year.

Adrian Coles, director-general of the BSA said: “These figures show that mutual are committed to lending to homebuyers, and of the initial 13 forms signed up to the Bank of England’s Funding for Lending Scheme, six are building societies.

“We expect more building societies to sign up in coming months, though it will take some time for the funds to be drawn from the scheme to feed into new lending.”

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