The Building Societies Association is the trade association for the UK's building societies.
The Building Societies Association is a trade association, representing mutual lenders and deposit takers in the UK including all 48 UK building societies. Mutual lenders and deposit takers have total assets of over £365 bn and, together with their subsidiaries, hold residential mortgages of almost £235 bn, 19% of the total outstanding in the UK. They hold over £245bn of retail deposits, accounting for 21% of all such deposits in the UK. Mutual deposit takers account for about 36% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.
The BSA represents its members to those outside the sector on a number of issues such as building society legislation, the regulation of the sector, developments in the savings market, financial inclusion and the promotion of building societies' mutual status.
The BSA also provides information to its members on these, and a wide variety of other subjects and acts as a central point for building societies to communicate with each other.
The Housing Hub launched to promote wider access to home ownership
One in 10 new homes in the UK are self built and the market generates £3 billion annually for the UK economy, says the BSA as it publishes a toolkit to provide information to encourage lenders not yet in this market to offer self-build mortgage finance.
Consumers will face increasing challenges as the fall-out from the financial crisis and economic pressures continue, warns out-going BSA Chairman, Peter Griffiths.
Gross mortgage lending by building societies and other mutual lenders rose 58% in March 2012 compared to the same month last year, and by 40% in the first quarter of 2012 compared to the first quarter of 2011. Net lending by mutuals was positive for the sixth consecutive month.
The BSA has today submitted its response to the FSA's final Mortgage Market Review proposals.
© 2004-2012 SquareDigital Media Ltd