Released on the day that the BSA's 150th anniversary Conference begins, lending and savings figures for Q1 2019 show that building societies accounted for 57% of the growth in the mortgage market, and took 35% of cash savings deposits in the first quarter of the year.
“Building societies continued to grow their market share in both the savings and mortgage markets in the first quarter of the year.
“There hasn’t been much growth in the mortgage market over the last few years, but homebuyers are evidently turning to building societies more often when securing mortgage finance. In the first quarter of the year, societies accounted for over half (57%) of the growth in the market. Building societies understand that people can have complex needs and that sometimes a more personalised approach to mortgage lending is required.
“The environment remained challenging for savers at the start of the year. With record low interest rates and inflation running higher than pay growth, many household budgets were squeezed. However, wages are now growing faster than inflation, and savings rates are starting to edge up gradually. Households have a little more capacity to save, and in the first quarter of the year savings balances are up 44% across the market. Taking a third (35%) of the new savings in the quarter, demonstrates the appeal of the sector’s offering.”
Hilary McVitty, email@example.com Tel: 020 7520 5926 /07507 837 326
Download building society mortgage lending figures here
Download building society savings figures here.