Building societies helped almost a third (32%) of first-time buyers get on the housing ladder, according to the Building Societies Association (BSA).

BSA figures found that building societies provided 61,730 mortgages to first-time buyers in the six months to March 2026.

The sector’s mortgage balances increased by £7.5 billion to £499 billion over the period, accounting for 29% of all outstanding mortgage loans.

Building societies and mutual-owned banks attracted 19% of all cash savings in the six months to March 2026 and hold 23% of all outstanding UK savings balances, totalling £499 billion.

BSA head of mortgage and housing policy Paul Broadhead said: “While mortgage interest rates remain higher than at the start of the year, the market remains active with strong competition between lenders and average mortgage rates have reduced over the past three months.

“What these figures demonstrate is the value of having a diverse financial services market. Building societies continue to use their mutual model to support those that can often find it hardest to access homeownership, while also delivering better value for savers.

“At a time when household finances remain stretched, consumers are increasingly choosing organisations that focus on long-term value rather than short-term shareholder returns, which is one reason why building societies’ mortgage and savings balances continue to grow.”