View more on these topics

BSA sees 31% dip in approvals

Continued uncertainty in the housing market saw net approvals by societies in August remain low at £2.8bn, a 31% decline compared to August 2007, show figures from the Building Societies Association.

Andrew Gall, business economist at the BSA, says: “Activity in the housing market remains depressed, so, although the figures for both net approvals and net lending are better than for last month, they still remain low.

“With the Land Registry data showing a 4.6% annual drop in property prices, and with BSA’s own Property Tracker survey showing that more than half of people consider the prospect of future falls in house prices a barrier to house purchase, it is hardly surprising that demand for mortgages is so low.”

Society gross lending amounted to £2,770m in August 2008 compared to £4,277m in August 2007. While net lending by societies in August 2008 was -£38m compared to £771m in August 2007.

Approvals in August 2008 were £2,781m compared to £4,054m in August 2007.


Recommended

Legal services are an important revenue stream

When Lord Falconer’s plan to deregulate the legal services profession was first announced in March 2005, it was immediately dubbed the ‘Tesco law’.

Non-person

More from Key Retirement Partnerships’ managing director Terry Pritchard, this time his reaction to news that Stuart Wilson of Equity Advice was offering brokers 100 more per case than KRS.

The harder you work the luckier you become

It was a week when the unthinkable happened. If you’d asked me a week ago which lenders I’d have described as sound I would certainly have mentioned HBOS.

Newsletter

News and expert analysis straight to your inbox

Sign up