Lending to housing associations 'increases by 25%'

27-Feb-2007

In news which may be of interest to prospective first time buyers, building society lending to housing associations increased by 25 per cent in 2006, research reveals.

According to data released by the Building Societies Association (BSA), building society lending to housing associations rose from £1.5 billion in 2005 to £2 billion last year, which may be of interest to would-be first time buyers struggling to get onto the property ladder.

Indeed, although mortgage lending from building societies accounts for 18 per cent of total lending, their market share rises to 44 per cent for lending to housing associations.

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"At a time when property ownership is increasingly moving out of [the] financial reach of many people, social housing is of critical importance," said Neil Johnson, PR and policy manager at the BSA.

Borrowing to housing associations is used to fund the development of social housing.

The BSA is a UK-based trade association for the country's building societies.

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