RTTNews - Tuesday, the Building Societies Association announced that gross lending by UK's building societies stood at GBP 2.1 billion in July, the highest monthly figure this year. But lending plunged 42% from GBP 3.6 billion lent in July 2008.

The mortgage market continues to show signs of some sort of recovery when compared to the first few months of this year. However, activity remains very depressed when compared to previous periods, Adrian Coles, Director-General of the Building Societies Association said.

The BSA expects the mortgage market to remain subdued over the remainder of this year. This was primarily because of the difficulties all lenders face in raising funds for mortgage lending.

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