- Building society gross advances amounted to £4,147 million in September 2005, compared to £4,022 million in September 2004.
- Net advances were £1,200 million in September 2005, down from £1,415 million in September 2004.
- Approvals (loans agreed, but not yet made) increased to £4,071 million in September 2005, from £2,806 million in September 2004.
- In the savings market, building societies had net inflows of £1,110 million in September 2005, down from £1,220 million in September 2004.
- Building society net receipts into cash ISAs were £60 million in September 2005.
Commenting on the mortgage market, Adrian Coles, Director-General of The Building Societies Association, said:
“Building societies lending figures have been remarkably stable throughout 2005, varying little month by month. The housing and mortgage markets have clearly stabilised, with the risk of a housing “crash” steadily diminishing.”
On the savings side, Mr Coles said:
“Building societies enjoyed another successful month in the savings market in September, attracting more than £1 billion for the third time this year. Much is written about “over indebtedness” but it is worth bearing in mind that households’ total savings outstanding have grown by more than a third over the last eight years, even after taking account of inflation. Plenty of people are saving – even though this phenomenon receives much less attention than the recent growth in borrowing.”
