BSA: Mortgage lending remains low in November

The amount of money lent by building societies continued to be low in November 2008, according to the Building Societies Association (BSA).

Those planning to buy land to build their own homes may be interested to learn that net mortgage lending by the UK's building societies in November stood at £422 million - compared to £790 million in the same month in 2007.

Gross lending was £1,475 million for the month lower than the previous November.

Adrian Coles, director general of the BSA, said that with economic conditions as they are, it is unsurprising that there are fewer buyers in the market.

"The depressed housing market is seeing mortgage lending by building societies remaining low," he observed.

Meanwhile, the Telegraph has recommended courses in self-build at the Centre for Alternative Technology, in Machynlleth in Powys, for anybody who is interested in building their own home.

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