The Building Societies Association (BSA) has recently published mortgage lending and savings statistics for 2015. The figures show a healthy increase in gross lending and mortgage approvals on 2014 and continued strong market share despite more intense competition and uncertainty in the market.
- Gross lending by building societies was up 8% year on year, with £57billion lent to consumers.
- Mortgage approvals were up 10% in the year to £57.8 billion - a 26% market share.
- By number of loans, building society approvals were up 6% in the year, a third of which were to first time buyers.
- Net lending was down at £15.2 billion (2014: £17.2bn) but building societies’ market share remains strong, accounting for 45% of net lending in the year.
- At the close of 2015, building societies held mortgages to the value of £265.2 billion - 21% of the UK market.
- Retail savings balances increased by £10.4 billion in the year, up marginally from 2014.
- At the close of 2015 building societies held savings balances of £246.6 billion – 18% of the UK market.