Building Society Net Lending Contracts £752 Million in May, Net Savings Shrink £494 Million

The latest figures from the Building Societies Association (BSA), released today, show:

• Building society gross lending was £1,515 million in May 2009, a reduction 57% on the £3,530 million lent in May 2008.
• Net lending by building societies in May 2009 was -£752 million compared to £142 million in May 2008.
• Mortgage approvals in May 2009 were £1,607 million compared to £2,477 million in May 2008.
• Including interest credited, savings balances held by building societies decreased by £106 million in May 2009, compared to a £1,162 million increase in May 2008.
• Building societies had a net withdrawal of £494 million in May 2009 compared to net receipt of £855 million in May 2008.
• Building societies had a net withdrawal of £416 million from Cash ISAs in May 2009, compared to net receipts of £272 million in May 2008.

Press Release: Building Societies Association.

Funding Table [PDF]

Lending Table [PDF]

Similar posts which may be of interest:

1. Building Societies see Net Lending Shrink and Savings Reduced in June
2. Building Society Net Lending Declines as Savings Continue to Exit
3. Building Society Gross Lending Increases as Net Lending Falls and Savers Withdraw Funds
4. Secured Lending Expands in September as Unsecured Debt Contracts for Third Straight Month
5. Lending to Individuals Turns Negative in July
6. Retail Sales Mixed Bag: Essentials Up, Discretionary Down