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Societies&#39 advances and inflows increase

Building society gross advances rose by 9 per cent to £5.12bn in July from £4.69bn in June and £4.24bn a year ago.

Net society advances were £2.218bn, up from £1.661bn in June and £1,580bn a year ago while approvals – loans agreed but not yet made – fell to £4.76bn in July from £4.849bn in June and £4.09bn a year ago.

The BSA says this may indicate that people are looking to remortgage.

Society net inflows in the savings market were £1.1bn in July, up considerably from the £554m in June and the £155m recorded a year ago. The BSA puts this surge in inflows down to the recent rises in interest rates.

Director-general Adrian Coles says: “Although lending is still looking very strong this month, with gross advances at their highest since last October, the approval figures indicate that people are now looking to remortgage. With interest rates rising, people may be starting to fix their mortgages in order to gain certainty on their repayments, in response to the strong message coming from the Bank of England.”

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