Record mortgage lending in January, says BSA

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Record mortgage lending in January, says BSA

The first month of 2007 has witnessed record amounts of lending, declared the organisation that monitors the UK's building societies.

According to the Building Societies Association (BSA), January saw more than £4 billion worth of gross advances, compared with £3.17 billion for the corresponding period last year.

Both net advances and approvals were both increased during January and Andrew Gall, BSA Business Economist, said that Nationwide had reported a decline in monthly growth last month in the housing market, this had not come to the surface through building society mortgage figures yet.

He remarked that this was owing to the fact that lots of loans had been promised to date but had not actually been processed.

Mr Gall stated: "We may continue to see robust mortgage figures in the near future, but expect these to fall back as the impact of recent rate rises feeds through."

In relation to the Bank of England's base rate hike last month, Mr Gall added that "it is difficult to say how savers are responding to higher rates" because January's rate increase will not be factored in to the equation yet.

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