- Building society gross advances amounted to £3,997 million in December 2003, increasing from £3,390 million in December 2002.
- Net advances were £1,499 million in December 2003, up from £1,117 million in December 2002.
- Approvals (loans agreed, but not yet made) decreased to £3,624 million in December 2003, from £3,721 million in December 2002.
- In the savings market, building societies had net inflows of £867 million in December 2003, up from £636 million in December 2002.
- Building society net receipts into cash ISAs were £86 million in November 2003.
Commenting on the mortgage market, Adrian Coles, Director-General of The Building Societies Association said:
“The continuing popularity of building societies in the mortgage market is confirmed by today’s figures. Net lending in 2003 was 70% higher than in 2002; in the fourth quarter it was more than double that of a year earlier. Approvals outstanding (loans agreed but not advanced) are 30% higher than a year ago, suggesting that consumers continue to see good value in building society mortgages.”
On the savings side, Mr Coles said:
“Building societies ended the year on a high note. Net savings inflows were well up on December 2002, possibly reflecting the recent increase in interest rates. For the year as a whole, net receipts were down, reflecting low interest rates and increased competition resulting from the Government’s need to borrow through National Savings.”
