Building societies have approved 189,000 mortgages in the first half of 2015, according to figures released by the Building Societies Association (BSA). This is equal to a 29-per-cent share of the overall number of approvals in the market (650,000) for the period. Building societies accounted for a similar share (27 per cent) of the overall gross lending, […]
Building societies have approved 189,000 mortgages in the first half of 2015, according to figures released by the Building Societies Association (BSA).
This is equal to a 29-per-cent share of the overall number of approvals in the market (650,000) for the period.
Building societies accounted for a similar share (27 per cent) of the overall gross lending, advancing mortgages worth a total of £26.4 billion.
The mortgage balance of building societies at the end of June 2015 stood at £257.7 billion, which is a fifth (20 per cent) of the market total (£1.268 trillion).
The figures clearly show that building societies are playing a significant part in UK mortgage lending, according to the BSA’s head of mortgage policy Paul Broadhead. He said:
“This data again demonstrates the key contribution that building societies’ are making to the UK mortgage market. Mortgage approvals are up, mortgages balances remain steady and building societies accounted for over half of net lending in the first half of the year, against a natural market share of 20%.
“Whilst our support to first-time buyers and aspiring home owners remains strong, the building society sector continues to service the whole spectrum of borrowers, including people requiring a mortgage that lasts into retirement. The sector continues to provide innovative products helping to encourage diversity and ensure a wide range of borrowers’ needs are served.”
