Mutuals approved £2.1 billion worth of mortgages in March 2011, up 29% on the £1.7 billion approved in March 2010 and compares to £1.7 billion in February 2011.

Gross lending by mutuals totalled £1.7 billion in March 2011. This is up 8% compared to £1.6 billion in March last year, and compares to £1.5 billion of lending in February this year.

Adrian Coles , director-general of the Building Societies Association, said: “There was a significant rise in the value of mortgages approved by mutuals in March. Indeed