The latest data, published by the Building Societies Association (BSA), found that mortgage balances at building societies increased in the six months to March 2024 by £8.6bn.

In the same period, mortgage balances at other lenders reduced by £10bn.

The latest arrears data shows that 0.25% of building societies’ balances were in arrears at the end of Q4 2023, compared to 0.69% across the total market.

Between October last year and March this year, it recorded 191,241 mortgage approvals, which equalled 36% market share of all approvals.

Building societies supported 49,844 first-time buyers (FTBs) to get on the property ladder, accounting for 37% of all residential building society lending.

Meanwhile, saving balances increased by £14.7bn, 35% share of all savings growth.

Earlier this week, a bill to allow building societies to boost lending became one of the final pieces of legislation to make its way through Parliament ahead of the general election.

The amendment was introduced as a private members bill by Labour MP Julie Elliott in December to “level the playing field” between mutuals and banks.