Building society net receipts to cash ISAs were GBP124 million in August 2007, compared to GBP150 million in August 2006.
Gross advances were GBP4,341 million in August 2007, compared to GBP5,582 million in August 2006. Net advances were GBP656 million in August 2007, versus GBP2,190 million in August 2006. Approvals were GBP4,168 million in August 2007, down from GBP5,540 million in August 2006.
Commenting on the mortgage figures, Adrian Coles, director general of the Building Societies Association (BSA), said: These figures confirm the slowdown in building society lending over the summer, as a combination of higher interest rates and robust lending criteria continued to bite.
Commenting on the savings figures, Mr Coles said: Building society net receipts in August were nearly double those in July. This is the highest August figure ever and the highest monthly figure since April 2005. We believe that successive increases in interest rates and subdued equity markets have encouraged savers to put more money away, and we expect this to continue while rates remain high and savers recognize the wide range of good value building society savings products available to them.
