The mutual says its group pre-tax profit jumped by 129% to £271.8m in the year to the end of December, driven by a “strong housing market, supported by low interest rates and competitive mortgage products, [and] boosted by stamp duty land tax relief”.

The business also saw its estate agency arm Connells complete its £130m takeover of rival Countrywide last March, which it says makes it the “UK’s largest estate agency by far”.

It adds its enlarged Connells business saw pre-tax profit lift by 87% to £111.3m, as property exchanges jumped 175% higher than in 2020 – or 50% higher on a like-for-like basis – while buyer registrations rose by 38% on the previous year on a like-for-like basis.

The group says it provided a record 30,282 mortgages in the year, including 7,893 to first-time buyers, which amounted to over £5bn in lending.

But adds that the “shortage of stock remains an industry issue”.

The society says it grew its savings balances by over £1bn to £19.8bn.

Skipton group chief executive David Cutter says: “Today’s results present a significant improvement from 12 months ago, when despite reporting good profits, our results were a clear indication of the challenging times the UK faced in the midst of a global pandemic.”

The mutual adds: “Money markets are predicting further increases in Bank base rate, but strong competition in the mortgage market is expected to remain, putting pressure on interest margins.

“And while late 2020/early 2021 saw strong housing market activity, supported by low interest rates and competitive mortgage products, it remains difficult for many first time buyers to get on the housing ladder. The housing market will likely moderate during 2022.”

It group says that it is aware of customer “concerns over rising costs of living, potential tax increases, together with uncertainty over how best to save” and is “alert to the increasing geopolitical uncertainty created by the events in Ukraine.”