Chris from what I've heard is that you don't need any flying experience, however I would say a good 10-20 hours just to show interest could be beneficial. My friend who was successful for last years intake told me that they are more interested in you as a person, they like to see how you interact with others as CRM is a crucial part of flying.
Taking into account everything I've been told on here, from friends, cabin crew and from professional pilots; I'm going to graduate this year, get a job over summer and gain as many flying hours as I can. It's going to be hard work, however considering that I won't have anything else to be studying for, I should have plenty of free time to practice mental maths and psychometrics.
As a backup plan I'm going to apply for an MSc in Aerospace Engineering at my university, if I don't get accepted into BA then I'll continue with the MSc and apply next year.
As for the rumours I'd love to know the truth about them myself. My friend applied in March last year and didn't start training until March this year. It would be great if autumn applicants start autumn 2017 as that will give me time to finish an MSc!