Tag: Building Societies Association

Housing market recovery to continue next year

Housing market recovery to continue next year

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 […]

December 20, 2012 More
First-time buyers take a decade to save for a deposit

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 […]

December 17, 2012 More
Bank of England reports static mortgage lending

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 […]

January 4, 2012 More
Mortgage repayments rise as consumers cut debt

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 […]

November 30, 2011 More
Consumer borrowing surges in January

Consumer borrowing surges in January

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 […]

March 1, 2010 More
Savings continue to fall as consumers opt to repay debt

Savings continue to fall as consumers opt to repay debt

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 […]

January 4, 2010 More
New mortgage lending still nudging ahead

New mortgage lending still nudging ahead

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 […]

November 30, 2009 More
Savings down as consumers opt to repay debt

Savings down as consumers opt to repay debt

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 […]

BSA argues Northern Rock should return to mutual status

BSA argues Northern Rock should return to mutual status

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 […]

September 28, 2009 More
Mortgage borrowers quash arrears

Mortgage borrowers quash arrears

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 […]

September 15, 2009 More
Building societies against new regulations

Building societies against new regulations

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 […]

September 7, 2009 More
BSA against Northern Rock split

BSA against Northern Rock split

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 […]

Housing market confidence outweighed by unemployment fears

Housing market confidence outweighed by unemployment fears

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 […]

FSA proposes new risk strategy for UK’s building societies

FSA proposes new risk strategy for UK’s building societies

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 […]

BSA: Net receipts hit high in February

BSA: Net receipts hit high in February

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 […]

Dunfermline Building Society facing collapse

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. […]

Building societies benefit as savers seek save haven

Building societies benefit as savers seek save haven

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 […]

Building Societies warn against January base rate cut

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 […]

Mylostaccount.org.uk proves popular with UK savers

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 […]

BSA survey reveals shift in housing market sentiment

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. […]