The latest report from the Building Societies Association (BSA) found that gross advances rose from £2.11 billion in January to £2.15 billion in February and, when added to the number of loans still to be made, the organisation believes that this is a strong indicator of continued growth.
Adrian Coles, director-general of the BSA, said: "The most encouraging aspect of this set of data is the sharp increase in building society approvals in February – up to 20 per cent on a year earlier. This suggests that building society lending will rise sharply in the Spring, reflecting both the strength of the housing market as a whole and the attractiveness of the mortgage products currently on offer from building societies."
