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Building Society gross advances fall for the first time in 1999


Building Society gross advances in April fell for the first time this year according to the latest figures from the Building Societies Association.


Gross advances were down £192m to £2,104 from £2,296 for the month compared to March.


Net advances also fell to £1,005m from £1,019m in March and approvals were down to £2,755m in April from £3,140 in March.


From a savings standpoint, building society investments were up £675m to £871m for the month compared to £196m the previous month.


Much of the reason for this influx in cash has been attributed to the success of building society mini-cash Isas and the maximising of Tessa investments before their demise.


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