Building societies approved over 103,000 mortgages between July and September 2015, data released today by the Building Societies Association shows. These approvals accounted for 27% of the total market – well above societies’ natural market share of 21%.
Societies advanced £15 billion in gross new mortgage lending during this period. In the same three months, net lending (gross lending minus repayments) was £3.8 billion, accounting for a 32% share of the market.
July to September 2015
| |
Gross lending (£bn) |
Net lending (£bn) |
Approvals |
Balances
outstanding (£bn) |
| Building societies |
15.0 |
3.8 |
103,630 |
261.6 |
| Market |
61.4 |
11.9 |
385,121 |
1,276.1 |
| Building society market share |
24% |
32% |
27% |
21% |
From July to September 2015, savings balances increased by £3.7 billion, giving building societies’ a 34% share.
July to September 2015
| |
Change in savings deposit balances (£bn) |
Savings balances outstanding (£bn) |
| Building societies |
3.7 |
241.3 |
| Market |
10.9 |
1,332.7 |
| Building society market share |
34% |
18% |
Commenting on the results, Robin Fieth, Chief Executive of the BSA, said:
“Building societies have a great story to tell in terms of their two key areas of business – mortgages and savings. The sector is performing strongly in a fiercely competitive market – offering competitive products that are being snapped up by first time buyers, second steppers, self-builders and older borrowers. In fact, from 2012 to end of Q3 2015, building societies accounted for £56 billion (80%) of net lending out of a market total of £70 billion.
“It is not just mortgages where building societies are winning market share. In Q3, the sector attracted over a third of new deposits across the market, up from 16% in Q2 when NS&I pensioner bonds were still available, and greater than the sector’s 18% share of outstanding deposits. This increase in market share demonstrates building societies’ continued commitment to savers throughout the low Bank Base Rate environment.”
-Ends-
Building society mortgage lending figures can be downloaded here.
Press contacts
Hilary McVitty
Head of External Affairs
hilary.mcvitty@bsa.org.uk
020 7520 5926
Notes for editors
Building societies - Balances as at 30 June 2015
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 nearly £260 billion, 20% of the total outstanding in the UK. They hold almost £240 billion of retail deposits, accounting for 18% of all such deposits in the UK. Building societies account for about 29% of all cash ISA balances. They employ approximately 40,000 full and part-time staff and operate through approximately 1,550 branches.