Media and Public Affairs
Net receipts into building societies were £1,595 million in February 2009, representing the highest February net receipt on record and an increase of 18% over February 2008.
Commenting on the figure, Brian Morris, Head of Savings Policy at the BSA said:-
“The record February net receipt of £1.6 billion shows that building societies’ attractive savings products are helping them to compete for deposits. Despite the Bank Rate being so low people are still keen to save, probably in response to the uncertain economic outlook and reduced job security.”
Gross mortgage lending by building societies in February was £1,214 million, compared to £3,861 million in February 2008.
Commenting on the figure, Paul Broadhead, Head of Mortgage Policy at the BSA said:-
“The low levels of lending by building societies come as no surprise in view of the depressed levels of activity in the housing market. With the BSA’s Property Tracker survey showing that potential buyers remain concerned over their job prospects and perceived problems securing a mortgage, it is hard to see confidence returning to the property market for some time to come.”
Building Society Statistics February 2009
- Building societies had a net receipt of £1,595 million in February 2009 compared to £1,353 million in February 2008
- Building societies had a net withdrawal of £108 million from cash ISAs in February 2009, compared to a net receipt of £130 million in February 2008.
- Building society gross lending amounted to £1,214 million in February 2009 compared to £3,861 million in February 2008.
- Net lending by building societies in February 2009 was -£976 million compared to £978 million in February 2008
- Approvals in February 2009 were £724 million compared to £3,411 million in February 2008
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The Building Societies Association (BSA) represents all 55 building societies in the United Kingdom. Building societies have total assets of £395 billion and, together with their subsidiaries, hold residential mortgages of £250 billion, more than 20% of the total outstanding in the UK. Societies hold over £235 billion of retail deposits, accounting for more than 20% of all such deposits in the UK. Building societies also account for about 37% of all cash ISA balances. Building societies employ over 51,500 full and part-time staff and operate through more than 2,000 branches.
Photographs of Brian Morris and Paul Broadhead are available from the BSA press office, from the Association's website at
www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk.Detailed statistical information can be found on the accompanying spreadsheets.
A list of all building societies can be found on the BSA website at
http://www.bsa.org.uk/aboutus/buildsocmember.htm and demutualised institutions at http://www.bsa.org.uk/consumer/factsheets/100010.htm
