Prudent lending from building societies after rate rise

Figures released by the BSA show that gross advances for June 2007 were worth £4.65bn, compared with £5.14bn a year earlier, a fall of £490m. Net advances amounted to £1.18bn last month and £1.89bn in June 2006. Loan approvals took a big hit with just £4.69bn approved in June 2007, compared with £6.05bn in the same period of 2006. On the other hand, some savings have increased in popularity, with net receipts to cash ISAs increasing from £250m in June 2006, to £309m last month. Commenting on the figures, Brian Morris, head of savings policy at the BSA, says: “The slow start to the summe...