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Wednesday 10th of June 2009
June 1, 2009

Building societies anticipate positive 2009


by David Masters
Building societies anticipate positive 2009

Over half of UK building societies believe 2009 will be a positive year and that the economy will continue to improve in 2010.

In a poll by the Buildings Societies Association (BSA), 55% of building society chief executives expressed high hopes for the year ahead.

The majority also said consumers continue to trust building societies despite the credit crunch.

However, building society bosses also believe that they will face many challenges in the coming months.

Adrian Coles, BSA director general, said that building societies are, for the most part, in “good, strong shape”.

“Generally building societies are well capitalised with lots of liquidity and - I would say – trusted,” Coles said.

He added that the industry has been bolstered by the slowdown in falling house prices.

“We have got unemployment rising which is going to have an impact on arrears and possessions through the year, but again people are revising downwards estimates of the number of arrears and possessions,” he said

“Clearly if you do take possession with prices falling then losses are increasing - so that is an issue.”

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