June 2012

Despite the awful weather, what a wonderful weekend it was in celebration of the Queen's Diamond Jubilee. The pomp and pageantry of these occasions is what we do best and surely no other country in the world can put on such a show, truly inspirational!

In the markets it is pleasing to see that gross mortgage lending by building societies and other mutual lenders rose 23% in April 2012 compared to the same month last year. In the first four months of 2012 lending rose 36% compared to the same period in 2011. Net lending by mutuals was positive for a seventh consecutive month.

Mortgage approvals by mutuals were up 50% in April compared to the same month last year, and were 20% higher than the average over the previous six months. Showing a very healthy pipeline, approvals were up 43% in the first four months of the year compared to the same period in 2011.