The West Bromwich Building Society’s year end results reveal £1.1bn in new mortgage lending an increase on the on the £0.7bn reported in 2022/23.

This included supporting 4,684 first-time buyers, an increase of nearly 40% year on year   .

West Brom’s chief executive Jonathan Westhoff commented:”Our strong performance of 2023/24 was delivered despite the economic challenges and geo-political uncertainty. A combination of rising interest rates and high inflation has meant that cost of living pressures remain elevated, and the challenges facing prospective home buyers continue to be well-documented.”

He added: “This year has seen us hit a significant milestone, exceeding the £1billion level for new residential mortgage lending across the financial year an increase of 54% year on year compared with a market fall of circa 27% over the same period. This means that since April 2023, we’ve helped another 7,161 customers with their home ownership ambition, a 46% increase from the previous financial year.”