BSA: Mortgage lending down but not out

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BSA: Mortgage lending down but not out

The Building Societies Association (BSA) has released data which shows that mortgage lending is down considerably on its 2007 level.

According to the association, which represents many of the UK's leading Building societies, gross mortgage lending was £2,595 million in November this year, compared to £4,070 million in 2007.

However the BSA's director general Adrian Coles said the figures also suggested there may be some light appearing at the end of the tunnel.

He explained: "It is encouraging to note that after the negative net advances figures in the summer the last three months have seen positive figures which suggests perhaps that the market is not deteriorating even further."

Mr Coles also said that the amount deposited in building society savings accounts is up on the same period last year, increasing to £83 million from £56 million in 2007.

Recent research by Alliance & Leicester suggested that saving more money is an important New Year's resolution for many people in the UK suggesting that people may continue to deposit large amounts in savings accounts.

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