-Building society gross advances amounted to £3,808 million in October 2005, compared to £3,497 million in October 2004.
-Net advances were £929 million in October 2005, down from £1,055 million in October 2004.
-Approvals (loans agreed, but not yet made) increased to £3,870 million in October 2005, from £3,021 million in October 2004.
- In the savings market, building societies had net inflows of £821 million in October 2005, down from £1,068 million in October 2004.
- Building society net receipts into cash ISAs were £60 million in October 2005.
Commenting on the mortgage market, Adrian Coles, director-general of The Building Societies Association, said:
“Building society lending has picked up over the last couple of months or so, with both seasonally adjusted gross advances and commitment to lend reaching their highest figure of the year in October. The market seems to be showing a slow but steady recovery, but it is clear that we are nowhere near boom conditions and there is no possibility of such conditions emerging over the next year or two.”
On the savings side, Mr Coles said:
“The decline in bank base rates two months previously may have had an impact on how much people saved in October. However, despite not reaching the high levels of previous months, inflows into societies’ savings accounts were still very healthy, at over £800 million.”
