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Societies&#39 advances hit highest level since March

Gross advances by building societies rose to £2.4bn in November from £2.3bn in October, according to figures from the Building Societies Association.

Net advances leapt to £693m from £487m the previous month. This figure is well over double the net advances in July at £272m and is the highest since March&#39s total of £821m.

The BSA says societies are recovering from their declining share of the mortgage market during the summer as customers are becoming more aware of their long-term value.

Approvals, loans agreed but not yet made, increased to £2.5bn in November from £2.2bn the previous month.

In the savings market, building societies took in £861m of new money, down from £1,081m in October.

BSA director general Adrian Coles says: “November&#39s net advances are over double those seen for the month of July and are the highest since March. Although societies&#39 overall share of the mortgage market decreased in the summer, these figures show they are recovering.

“November has been another strong month for societies, as net receipts were the highest since May. Equity markets remain weak and building society interest rates are strongly positive in real terms. Significant inflows are likely to continue.”

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