Building society mortgage lending decreases

Approvals (loans agreed but not yet made) increased to £2,205 million in January, from £1,960 in December.

Adrian Coles, director-general of the BSA, said: "Net advances for the month of January were up by more than a quarter on the previous month’s figures, reaching £569 million and illustrating that, after the Christmas lull, the new year is seeing continuation of last year’s strong housing market. Approvals which increased 12.5 per cent to £2,205 million, also reflect this trend as they are well up on a year ago."