Building societies approved 189,000 mortgages in the first half of 2015, data released today by the BSA has revealed. These approvals accounted for 29% of the total market. Societies also lent £26.4 billion of gross new mortgages.
Net lending (gross lending minus repayments) was £6.5 billion during this period, accounting for a 57% share of the market.
January - June 2015
|Gross lending (bn)
||Net Lending (bn)
|Mortgage balances (bn)
|Building societies - £26.4
||Building societies - £6.5
||Building societies - £257.7
||Building societies - 189,700
|Market - £96.8
||Market - £11.4
||Market - £1,267.7
||Market - 650,000
|Building society market share - 27%
||Building societies market share - 57%
||Market - £1,267.7
Building societies market share - 29%
Paul Broadhead, Head of Mortgage Policy at the BSA, 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.”
Building society mortgage lending figures can be downloaded here.
Head of External Affairs
020 7520 5926
Notes for Editors The Building Societies Association (BSA) represents all 44 UK building societies. Building societies have total assets of over £330 billion and, together with their subsidiaries, hold residential mortgages of over £250 billion, 19% of the total outstanding in the UK. They hold almost £240 billion of retail deposits, accounting for 19% of all such deposits in the UK. Building societies account for about 28% of all cash ISA balances. They employ approximately 39,000 full and part-time staff and operate through approximately 1,550 branches