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Savings and borrowings on the up

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The Building Societies Associations (BSA) has released the latest sales figures for building societies – and they show a surge in sales and borrowing figures.

Gross advances (which represent the total amount borrowed) amounted to £4,613m in May 2006, compared to £3,528m in May 2005.

And building society net receipts to cash ISAs were £466m in May 2006, compared to £295m in May 2005.

The seasonally adjusted data for net advances, gross advances and approvals are all the highest May figures on record.

Commenting on the mortgage market, Adrian Coles, Director-General of the Building Societies Association, said: “The mortgage market last month was exceptionally strong, with total lending the highest May figure since records began in 1987. It seems this trend is likely to continue, as the approval figures give a good indication of business in the pipeline. Again these figures are the highest May on record. It is reasonable to assume the housing market will be buoyant going into the summer. It has been widely predicted that the market will show signs of cooling, but this is not likely to happen until the Autumn.”

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