Building society lending remains subdued

clock

Gross lending by building societies was subdued in January at £1bn, a drop from £1.8bn in December, as funds for mortgage lending remained unavailable.

The latest monthly figures from the Building Societies Association (BSA) also reveal that mortgage approvals in January were £0.8bn, a drop compared to £1bn in December. Adrian Coles, director-general of the BSA, said it was evident that activity in the market was subdued. Coles said: "Low activity in the month was expected following the surge of buyers aiming to beat the end of the stamp duty relief in December. The adverse weather conditions experienced at the start of the year have further suppressed market activity." But the BSA said it is not possible to make comparisons with ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

March 2024: Month in review with deputy editor Jenna Brown

March 2024: Month in review with deputy editor Jenna Brown

Take a look at some of the news and feature highlights of the last month

Jenna Brown
clock 28 March 2024 • 5 min read
Wren Sterling adds £265m in client assets in latest deal

Wren Sterling adds £265m in client assets in latest deal

First advisory firm purchase of 2024 for national financial planner

Jenna Brown
clock 28 March 2024 • 1 min read
Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read