Society net advances the highest for 7 years

Net advances were £1,535 million in May 2003, up from £1,122 million in May 2002. Approvals (loans agreed, but not yet made) increased to £4,599 million in May 2003, from £3,839 million in May 2002.

Commenting on the mortgage market, Adrian Coles, Director-General of the BSA, said: “Building society net advances (seasonally adjusted) in May 2003 were the highest since October 1996, when many mortgage banks were still building societies. This clearly demonstrates the widespread attractiveness of building society mortgages and that consumers are increasingly choosing these, compared to other institution’s products.”