Building society lending shows strong growth

Building society lending is up 50% over the past year, according to the Building Societies Association. Gross advances amounted to £3.1bn in April 2003, up from £2.7bn in April 2002. Approvals (loans agreed, but not yet made) increased to £4.1bn in April 2003, from £3.4bn in April 2002. Net advances were £1.2bn in April 2003, up from £788m in April 2002.