18 October 2001, 13:12  UK Sept building society new approvals adj 2.05 bln stg vs 1.99 bln Aug - BSA

LONDON (AFX) - New approvals for house purchases in September rose to 2.048 bln stg in seasonally-adjusted terms, compared with a revised 1.985 bln stg rise the previous month, according to the Building Societies Association. On an unadjusted basis, new approvals fell to 2.012 bln stg in Septmber against 2.060 bln in August. Building societies' gross advances totalled an adjusted 1.957 bln stg, down from a revised 1.999 bln in August, while the unadjusted figure fell to 1.928 bln from 2.265 bln the previous month. Gross advances are the total value of mortgages advanced in the period, while net advances are after repayments of principal. In the savings market, building societies saw a seasonally-adjusted net retail inflow of 602 mln stg in September, up from a revised inflow of 418 mln stg a month ago. Commenting on the data, BSA's director general Adrian Coles said: "September's net receipts for building societies are up for the second month running, with a significant increase of 21 pct on August's figures. This reflects the uncertainty of the stock market and the attractive savings products offered by building societies." "After a sharp fall in societies' lending in the middle of summer, seasonally adjusted figures show that building societies are recovering in the mortgage market, no doubt aided by the recent reductions in the Bank of England base rate," he added.

© 1999-2024 Forex EuroClub
All rights reserved