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Building society advances up

Building society gross advances increased by 2.6 per cent to £1.93bn in February from £1.88bn in January, although net advances fell 4.5 per cent to £685m from £717m.

Approvals of loans agreed but not yet made rose 28.5 per cent to £2.3bn in February from £1.8bn in January.

In the savings market, new money attracted by building societies increased 185 per cent to £852m from £299m

Building Societies Association director general Adrian Coles says: “Some of the £852m of receipts will be due to people&#39s Tessas maturing and as they look for the best place to put their investment, it seems to be building societies that are picking up a lot of the business.”

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