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Building societies’ market share totals 27% in H1

  • 19/08/2015
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Building societies’ market share totals 27% in H1
Building societies contributed £26.4bn in gross lending in the first half of the year, giving them a market share of 27%, data shows.

Gross lending for the whole market in H1 was £96.8bn.

Figures released by the Building Societies Association (BSA) showed lenders in the sector approved 189,000 mortgages in the first half of 2015 compared to 650,000 approved mortgages in the whole market.

Mortgage balances held by building societies totalled £257.7bn, compared to £1,267.7bn for the whole market.

Gross lending minus repayments at building societies in the first half of the year came to £6.5bn, compared to a total of £11.4bn across all lenders.

Paul Broadhead, head of mortgage policy at the BSA (pictured), said: “This data again demonstrates the key contribution that building societies are making to the UK mortgage market. Mortgage approvals are up, mortgage 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%.

“While 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.”

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