Lending by building societies doubled in the first quarter of 2007, with gross advances totaling £5.47bn in March, says the Building Societies Association.
Last year’s figure was £4.2bn for the same period while net advances were £1.85bn in March 2007, versus £815m in March 2006.
Building societies had net receipts of £741m in March 2007, compared to net receipts of £384m in March 2006.
Building society net receipts to cash Isas were £683m in March 2007, compared to £603m in March 2006.
BSA director general Adrian Coles says: “In the first quarter of 2007 building societies recorded net lending of £4.38bn, more than double the £2.16bn in the same period in 2006. This is largely a reflection of strong approvals seen in recent months.”
“Yet again building societies saw record lending in March, with gross lending the highest ever recorded for that month. Approvals were also the highest for any March since 1988.”