Recent figures from the Building Society Association show that people in Britain are saving more, and mortgage demand is remaining strong. The report found that inflows to societies in January stood at £212 million, compared with almost £300 million in net withdrawals for the same period last year. According to the association, these seasonally adjusted approvals for January were the highest since November 2003.
Our view
The property market is stable rather than booming. We believe this is good for the market as a whole and is perhaps what the Bank of England are seeking when setting interest rates.