Strong trend for societies

Net advances were £858 million in September, up from £315 million in September 2001.

Approvals (loans agreed, but not yet made) increased to £2,807 million in September 2002, from £2,012 million in September 2001. Commenting on the mortgage market, Adrian Coles, director-general of the BSA, said: “Building society net lending in September 2002 was almost three times as great as in September 2001, showing the strong competitive position currently enjoyed by societies. The pipeline of future lending - loans agreed but not yet lent - is almost 40% higher than a year ago, showing the building society position is likely to remain strong.