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News Tag: Building Societies Association

December 20, 2012

Housing market recovery to continue next year

by Jan Harris
XXX
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on as home loans and loans to small businesses. House sales are increasing ...




December 17, 2012

First-time buyers take a decade to save for a deposit

by Jan Harris
First-time buyers take a decade to save for a deposit
Before the credit crunch it took first-time buyers two to four years to save up a deposit for a property but a quarter of first-time buyers now say it will take them at least ten years. In its latest Property Tracker report, the Building Societies Association (BSA) suggests that since September 2010 raising a deposit has been the main ...




January 4, 2012

Bank of England reports static mortgage lending

by Jan Harris
Bank of England reports static mortgage lending
52,854 mortgage loans were agreed in principle in November according to the latest figures from the Bank of England, just 68 higher than the previous month. Although mortgage lending in November 2011 was 12% higher than in November 2010, there has been no significant improvement for four months. Mortgage approvals remain at half their 2007 level, before the onset of ...




November 30, 2011

Mortgage repayments rise as consumers cut debt

by Jan Harris
Mortgage repayments rise as consumers cut debt
New data from the Bank of England suggests that house owners are focusing on repaying their mortgages as part of their efforts to reduce debt. Consumers are concerned about the state of the economy and their incomes are under pressure from pay freezes, rising unemployment and high levels of inflation. These pressures, together with falling house prices, are contributing to ...




March 1, 2010

Consumer borrowing surges in January

by Kay Mitchell
”Consumer
Figures from the Bank of England today revealed that British consumers borrowed £500 million in January through credit cards, loans and overdrafts, once repayments were taken into account - the highest level since November 2008. According to the Bank, the increase was almost double the £265 million rise seen in the previous month December, and comes after consumers had repaid more than they ...




January 4, 2010

Savings continue to fall as consumers opt to repay debt

by Kay Mitchell
”Savings
Figures published today show that people in the UK continue to repay debt as the incentive to save remains low in the current historically low interest rate environment. According to the Building Societies Association (BSA), its members withdrew more money than they saved for the ninth consecutive month in November. The BSA said there was a net withdrawal of ...




November 30, 2009

New mortgage lending still nudging ahead

by Gill Montia
”New
Figures from the Bank of England show the value of mortgages approved for house purchases rising for the 11th consecutive month in October, to £8 billion. The total is up from £7.6 billion a month earlier and compares with a previous six month average of £6.7 billion. Volumes increased to 57,345, up from 56,205 in September and 18% higher than a year ...




Savings down as consumers opt to repay debt

by Kay Mitchell
”Savings
Figures from the Building Societies Association (BSA) have revealed that consumers are opting to repay debt rather than save amid the historically low interest rate environment. According to the BSA, savings balances held by building societies fell by £-929 million in October compared to an increase of £545 million a year ago, when interest rates stood at 4.5%. Excluding any ...




September 28, 2009

BSA argues Northern Rock should return to mutual status

by Kay Mitchell
”BSA
The Building Societies Association (BSA) is urging the Government to return Northern Rock to the mutual sector, arguing that mutuals take less risk than banks owned by shareholders. Mutual building societies are owned by their members, not by shareholders, and are run for the benefit of those members. The BSA said a new report points to a strong ...




September 15, 2009

Mortgage borrowers quash arrears

by Gill Montia
”Mortgage
Research from the Building Societies Association (BSA) claims that over the last two years, the majority of borrowers who have fallen into arrears with their mortgage repayments have either caught up, or are in the process of catching up. According to the BSA, 97% of borrowers in financial difficulties have avoided repossession with thirty-three per cent making up their repayments in full, while 41% ...




September 7, 2009

Building societies against new regulations

by Kay Mitchell
”Building
The Building Societies Association (BSA) has expressed its concern over new regulations, proposed by the Financial Services Authority (FSA), saying they will disadvantage the industry. Proposals from the City watchdog include plans to restrict riskier types of lending by building societies, which according to the BSA, would have a "discriminatory and anti-competitive effect in the mortgage market". In a formal submission to ...




August 17, 2009

BSA against Northern Rock split

by Kay Mitchell
”BSA
The Government announced earlier this year it was planning to split nationalised Northern Rock into two divisions - a deposit bank and a mortgage platform. However, the proposals have met with criticism from the Building Societies Association (BSA) saying that the split would put building societies at a big disadvantage. Northern Rock collapsed at the onset of the credit crunch in autumn 2007 ...




June 18, 2009

Housing market confidence outweighed by unemployment fears

by Gill Montia
”Housing
The latest Property Tracker Index from the Building Societies Association demonstrates that Britons have become cautiously optimistic about the UK property market. In a survey of 2,242 adults conducted between 4th and 8th June 2009, the average prediction for house price changes in the coming year was for a rise of 1.4%. The result compares refreshingly with an average fall of 6.1% ...




June 7, 2009

FSA proposes new risk strategy for UK’s building societies

by Kay Mitchell
”FSA
Following the collapse of the Dunfermline building society and the rescue of other societies last year, the Financial Services Authority (FSA) is proposing to stop building societies expanding into risky types of lending and borrowing. The move comes after a senior FSA official accused some societies of taking far too many risks with their lending in the last ...




March 31, 2009

BSA: Net receipts hit high in February

by Kay Mitchell
”BSA:
Figures published by the Building Societies Association (BSA) revealed a record in net receipts for February after savers sought a safe haven for their cash. The BSA said net receipts into building societies were £1.6 billion in February 2009 - which represents an increase of 18% compared with February 2008. Brian Morris, Head of Savings Policy at the BSA explains that ...




March 23, 2009

Dunfermline Building Society facing collapse

by Peter Charalambous
 Dunfermline Building Society facing collapse
Scotland's largest building society is set to be on the brink of collapse as the UK government has announced that it is preparing a £60 million bail-out. Scottish Secretary Jim Murphy said that the Government will do all that it can to protect people’s money in what has been nicknamed as the Scottish Northern Rock. Dunfermline building society has over 34 branches and ...




March 3, 2009

Building societies benefit as savers seek save haven

by Kay Mitchell
”Building
According to the Building Societies Association (BSA), over one million people opened a new building society savings account last year. Building societies have benefited since the collapse of Icelandic banks, Icesave and Kaupthing Edge, and the near collapse of Northern Rock, Bradford & Bingley, RBS, HBOS/Lloyds. The BSA said an additional 1.2 million accounts (net of closures) were opened during ...




February 2, 2009

Building Societies warn against January base rate cut

by Gill Montia
Building Societies warn against January base rate cut
The Bank of England has been cutting the base rate aggressively since the autumn of last year and homeowners on tracker rates are becoming used to an almost monthly drop in the cost of their mortgage repayments. The Bank's Monetary Policy Committee meets again this week amid speculation that the base rate could fall to 1% in January, in a ...




January 29, 2009

Mylostaccount.org.uk proves popular with UK savers

by David Masters
Mylostaccount.org.uk proves popular with UK savers
An online tool that enables savers to locate forgotten or lost bank accounts is proving popular with Brits, according to National Savings and Investments (NS&I). Launched in January 2008 by the NS&I in conjunction with the Building Societies Association (BSA) and the British Bankers' Association (BBA), mylostaccount.org.uk has received 180,000 applications to search for lost money. In the first month of launch, the ...




December 18, 2008

BSA survey reveals shift in housing market sentiment

by Gill Montia
BSA survey reveals shift in housing market sentiment
The Building Societies Association (BSA) has published the results of its latest Property Tracker survey, which indicate that more people believe that now is a good time to buy a home. Forty-six per cent of those surveyed were, to some extent, positive about making a purchase, compared with 34% in September and 27% in July. Fifteen per cent strongly disagreed with ...