Building Societies Association set for good year

Building societies are set to perform well over the coming 12 months, according to an industry body.

Delegates to the annual conference of the Building Societies Association (BSA) were told that 2006 “was a year of strong and well balanced performance for the sector”.

And BSA spokesman Matthew Bullock said that success should continue this year, despite the “increasingly competitive nature of the industry”.

According to Mr Bullock, building societies have not lost ground in the mortgages and savings markets.

However, he tempered his optimistic forecast by saying that future interest rate rises may have a stagnating effect on the housing market, which may in turn negatively impact building society trade.

“I imagine that we will see margins in the housing market start to increase later in the year,” he remarked.

In related news, more than two million mortgage customers are unhappy with the customer service they receive from their lender, a survey by Checkmyfile.co.uk has found.

© Adfero Ltd

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