Commenting on the figure, Brian Morris, Head of Savings Policy at the BSA said: "The record February net receipt of £1.6 billion shows that building societies' attractive savings products are helping them to compete for deposits. Despite the Bank Rate being so low people are still keen to save, probably in response to the uncertain economic outlook and reduced job security."
Gross mortgage lending by building societies in February was £1,214 million, compared to £3,861 million in February 2008.
Commenting on the figure, Paul Broadhead, Head of Mortgage Policy at the BSA said: "The low levels of lending by building societies come as no surprise in view of the depressed levels of activity in the housing market. With the BSA's Property Tracker survey showing that potential buyers remain concerned over their job prospects and perceived problems securing a mortgage, it is hard to see confidence returning to the property market for some time to come."
Building Society Statistics February 2009
Building societies had a net receipt of £1,595 million in February 2009 compared to £1,353 million in February 2008
Building societies had a net withdrawal of £108 million from cash ISAs in February 2009, compared to a net receipt of £130 million in February 2008.
Building society gross lending amounted to £1,214 million in February 2009 compared to £3,861 million in February 2008.
Net lending by building societies in February 2009 was -£976 million compared to £978 million in February 2008
Approvals in February 2009 were £724 million compared to £3,411 million in February 2008
