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Societies benefit as savers abandon converted B&B

Building societies performed strongly in the mortgage market in January as net advances rose to £717m from £683m in December, according to the Building Societies Association.

The savings market was also strong, which the BSA attributes to customers of Bradford & Bingley abandoning the bank to return to mutuals following its conversion to plc status at the beginning of December.

Gross advances by building societies rose to the highest level for over three years in seasonally adjusted terms, reaching £2.39bn from £2.04bn in December.

Societies attracted a seasonally adjusted figure of £1.06bn in new savings, up from £961m in December.

Director general Adrian Coles says: “Traditionally, January&#39s figures show an outflow as people call on their savings to pay off bills from Christmas and to book summer holidays.

“However, this January&#39s figures are very strong. A number of people have phoned the BSA to say that following B&B&#39s conversion to a bank, they want to put their money back with a mutual.”

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