Building Society Gross Lending Increases as Net Lending Falls and Savers Withdraw Funds

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

• Building society gross lending was £2,067 million in July 2009 compared to £3,566 million in July 2008.
• Net lending by building societies in July 2009 was -£577 million compared to -£112 million in July 2008.
• Mortgage approvals in July 2009 were £1,490 million compared to £2,636 million in July 2008.
• Savings balances held by building societies decreased by £912 million in July 2009, compared to an increase of £1,935 million in July 2008.
• Excluding any interest added to building society savings accounts, £1,361 million was withdrawn in July 2009, compared to a net receipt of £1,435 million in July 2008.
• Building societies had a net receipt of £450 million into Cash ISAs in July 2009, compared to net withdrawal of £228 million in July 2008.

Press Release: Building Societies Association.

Funding Table [PDF]

Lending Table [PDF]

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