Building Society Approvals Growth Is Amazing.

December 3, 2012

Commenting on the recent figures released by the Bank of England and the Building Societies Association, Duncan Kreeger, Chairman of West One Loans was quoted in Mortgage Finance Gazette, calling the 29 per cent increase in mortgage approvals "amazing." However he went on to say " this is a case of  them growing their share of a stagnating market. Total lending to individuals has actually fallen according to the Bank of England.  While the mutuals are doing their bit, they can’t fill the gap on their own.  The Bank of England stats do show secured lending on dwellings up £0.2 billion in October, but this compares poorly with the average £0.5 billion increases we’ve seen every month  recently. That’s one of the reasons alternative forms of finance are doing so well.  The West One Bridging Index shows annual growth in the bridging industry at 65% with new highs for alternative lending to businesses and we expect this sector to continue to push for 20% of the bridging market.”