Gross mortgage lending from building societies reached its highest level this year during the month of June, the head of savings policy at the Building Societies Association BSA commented.

Brian Morris saud that the figures represented a 30 per cent increase from the month of May, although lending is 40 per cent lower than during June 2008.

"Lending remains at historically low levels,"he commented, adding that such conditions may continue into 2010.

However, the group noted that the mortgage market has shown signs of stabilising in recent months.

Figures from the BSA showed that June 2009 saw £1,817 million in mortgage approvals, compared with £2,727 million during the previous year.

Earlier this week, Clydesdale Bank reported a 30 per cent rise in mortgage approvals between the months of May and June this year.

The bank recently pledged to make a further £1 billion in new lending available to its business and mortgage customers.

Written by Mark GarnerADNFCR-2002-ID-19287135-ADNFCR

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