Yorkshire Building Society has reported that its gross mortgage lending jumped 24% to £5.2bn in the first six months of the year compared to 12 months ago.
YBS says completion volumes early last year were impacted by the disruption to the mortgage market in the Autumn of 2022 which resulted in a smaller application pipeline being carried forward, according to it annual report.
However, pipeline volumes were more typical as 2024 began, further supported by strong in-year completion volumes.
The mutual says it provided 23,000 new residential mortgages, 2,000 more than the previous year, revealing that one in three new mortgages were for first-time buyers.
The first six months saw net lending total £2bn, compared to £0.7bn over the same period in 2023.
Meanwhile, the society reported that mortgage balances increased to £48.8bn in the first six months of the year, compared to £46.8bn in 2023.
YBS chief executive officer Susan Allen says: “Our core markets of mortgages and savings continue to be influenced by external factors, including the interest rate environment and the intensity of competition.
“The level of demand in the mortgages market has been stronger than expected in 2024 so far, and house prices have proven more resilient than some previous expectations.”
“In line with the more challenging economic environment, we have observed an increase in the level of mortgage arrears, though levels remain significantly more favourable than the industry average.”
“We will continue to offer support for our members who are experiencing difficulty in meeting their repayments.”