BSA reports mortgage lending rise

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BSA reports mortgage lending rise

Thu 19th Oct 2006

The cumulative amount of gross advances by UK building societies was over £5 billion in September 2006 according to the Building Societies Association (BSA).

Research showed that advances amounted to £5,047 million in September 2006 compares with £4,147 million for the September of the previous year.

Allied to this, the BSA discovered net advances had increased over £700 million in a year with the figure reaching £1,906 million in September 2006 compared to £1,201 in September 2005.

BSA director general Adrian Coles remarked: "Despite August's interest rate rise, September was another strong month, with gross advances being the highest September figures on record. On a seasonally adjusted basis, mortgage approvals were also the highest September figures on record."

Mr Coles also explained that though net receipts to cash ISAs were found to be down £3 million on 2005, at £57 million from £60 million, savings were in fact up on the past few months "due to the recent increase in interest rates and the growing expectation of a further rise in the future".

The BSA is the trade association for every building society in the UK, representing their interests to regulators in the government and the European Union.

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