Mortgage balances of building societies grew by £11.7bn, accounting for 72% of the mortgage market growth in the six months to September, the Building Societies Association (BSA) figures reveal.
The BSA’s latest data shows that building societies accounted for £35.9bn gross mortgage lending, which totals 29% market share of all lending.
Building societies represented 32% market share of all approvals with a total of 205,209 mortgage approvals in the six months to September.
Meanwhile, mutuals have provided over 63,000 first-time buyers (FTBs) mortgages, which accounts for 44% of all their residential owner-occupier lending.
Building societies attracted £14.7bn in cash savings, which accounts for 34% of all savings.
Savings balances at banks and other deposit takers increased by £27.7bn in the same period.
Building societies hold 40% of all cash ISA balances, totalling £153.4bn. In 2023 building society savers received £2.1bn more in interest on their total savings than if they had been paid the average offered by large banks.
Nine of out 10 (93%) of customers said their building society offered good customer service, compared to 87% of bank customers.
Elsewhere, 86% of customers said their building society offered competitive rates, compared to 73% of bank customers.
