Building Societies on upbeat year start

Building Societies on upbeat year start

Friday, February 20, 2004

Building Societies beat the January blues with gross advances that amounted to £3,464 million in the month, increasing from £3,338 million in January 2003.

Approvals (loans agreed, but not yet made) decreased to £2,812 million in January 2004, from £2,996 million in January 2003.
In the savings market, building societies had net inflows of £94 million in January 2004, up from £-150 million in January 2003.
Building society net receipts into cash ISAs were £209 million in January 2004.

Mortgage market

Commenting on the mortgage market, Adrian Coles, Director-General of the Building Societies Association said, "January is traditionally a quieter time for mortgages but the seasonally adjusted figures show business is still stronger than a year ago, indicating that people are opting for the good deals being offered by building societies.”

Savings

“Savings inflows are always down at the beginning of a new year as people are paying off their Christmas credit cards and booking their summer holidays,” said Adrian Coles. “However, savings inflows are much higher than they have been in January 2002 or 03 and are the highest seasonally adjusted for the last 18 months, indicating a returning confidence in the savings market.”

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