Record savings continue
Posted on 20 December 2007 by
Savers paid a record £2.3 billion into building societies during November, according to the Building Societies Association (BSA).
The figure is almost three times the amount received by societies in the same month last year, making November the third month in a row where savings have beaten previous records.
The BSA's figures also confirm further cooling in the property market, with gross mortgage lending falling to £4.1 billion, down from £4.6 billion in November 2006.
"In the last three months building societies have received new deposits of roughly the same value as they received in the entire twelve months of 2006," said BSA director-general Adrian Coles. He explained that attractive interest rates and withdrawals from the Northern Rock bank were behind the record sums being saved.
Mr Coles also sounded a note of caution for those whose fixed-rate mortgage was due to expire in the new year, advising borrowers to consider their mortgage options in good time.
"It may not be much fun," he said, "but a few hours invested over the holiday period sorting out your mortgage could pay dividends in the new year, and ensure that you will be able to have a happy Christmas in 2008."
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