Building societies increase market share to 29%

According to data from the BSA, societies also lent £26.4 billion of gross new mortgages, bringing their market share up from 20% to 27%.
 
Net lending was £6.5 billion during this period, accounting for a 57% share of the market, while mortgage balances hit £257.7 billion equating to a 20% market share.

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.”