This is according to analysis of BSA data by housing investment and shared equity mortgage provider, Castle Trust - and shows that this approval level has risen dramatically compared with just 16.2% after the credit crunch.
The record level of approvals underlines the surge in building society gross lending which has increased 65% since 2009 (£18,574 billion to £30,701 billion in December 2012) while gross lending for the bigger banks decreased 16% in the same time period from £118,458 billion to £99,395billion.
Gross mortgage lending share by building societies now constitutes 21.8% of the overall gross mortgage lending market year-on-year, representing a significant increase since 2009 when building societies represented just 12.9%.
Sean Oldfield, chief executive officer, Castle Trust said:
“The recovery of the mortgage market since 2009 is as much a story of the strength of building societies while they have adapted and innovated as it is about the retrenchment of the bigger banks.
“The record level of approvals demonstrates their commitment to meet the needs of responsible borrowers and to work in partnership with customers.”
