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Building societies grab more market share

Building societies approved 189,000 mortgages in the first half of 2015, accounting for 29% of the total market.

Societies also lent £26.4 billion of gross new mortgages, raising their market share from 20% to 27%, according to new figures from the Building Societies Association (BSA).

Net lending - gross lending minus repayments - was £6.5 billion in the six months to June, which accounts for a 57% share of the market.

Paul Broadhead, head of mortgage policy at the BSA, said: “This data again demonstrates the key contribution that building societies’ are making to the UK mortgage market.

“Mortgage approvals are up, mortgages balances remain steady and building societies accounted for over half of net lending in the first half of the year, against a natural market share of 20%.

“Whilst our support to first-time buyers and aspiring home owners remains strong, the building society sector continues to service the whole spectrum of borrowers, including people requiring a mortgage that lasts into retirement.

“The sector continues to provide innovative products helping to encourage diversity and ensure a wide range of borrowers’ needs are served.” 


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