- Building society gross advances amounted to £3,491 million in March 2005, compared to £4,070 million in March 2004.
- Net advances were £781 million in March 2005, down from £1,315 million in March 2004.
- Approvals (loans agreed, but not yet made) decreased slightly to £4,499 million in March 2005, from £4,847 million in March 2004.
- In the savings market, building societies had net inflows of £221 million in March 2005, down from £566 million in March 2004.
- Building society net receipts into cash ISAs were £139 million in March 2005.
Commenting on the mortgage market, Adrian Coles, Director-General of The Building Societies Association, said: “The figures suggest that the decline in mortgage activity has come to an end. After falling in the second half of last year, lending levels have remained unchanged in the first three months of this year. Indeed the seasonally adjusted approvals (mortgages promised but not yet made) were the highest since last August. The market seems to have reached a new equilibrium, with a lower, but more stable, level of activity compared to a year ago.”
On the savings side Mr Coles said: “Savings inflows were disappointing, with the seasonally adjusted figure the lowest for over a year. Nevertheless, the actual figure is likely to pick up in April as savers move to top-up their ISA accounts.”
