- Building society gross advances amounted to £4,613m in May 2006, compared to £3,528m in May 2005.
- Net Advances were £1,527m in May 2006, versus £1,070m in May 2005.
- Approvals were £5,454m in May 2006 up from £3,836m in May 2005.
- Building societies had net inflows of £306m compared to net receipts of £796m in May 2005.
- Building society net receipts to cash ISAs were £466m in May 2006, compared to £295m in May 2005.
- The seasonally adjusted data for net advances, gross advances and approvals are all the highest May figures on record.
Commenting on the mortgage market, Adrian Coles, director general of the Building Societies Association, said: “The mortgage market last month was exceptionally strong, with total lending the highest May figure since records began in 1987. It seems this trend is likely to continue, as the approval figures give a good indication of business in the pipeline. Again these figures are the highest May on record. It is reasonable to assume the housing market will be buoyant going into the summer. It has been widely predicted that the market will show signs of cooling, but this is not likely to happen until the Autumn.”
