Skipton Group has reported strong financial results for 2024, with significant achievements in supporting first-time buyers (FTBs) and tackling housing affordability.
The group achieved record levels of support for FTBs, making up 44% of its new lending.
Skipton also returned £197m in value to members, an increase from £148m in 2023.
The group’s mortgage balances grew by 8.2% to £30.9bn, with Connells Group handling one in 10 UK home purchases and sales, generating £31.7bn in lending.
Skipton’s savings balances increased by 8.9% to £28.3bn, serving over 1 million savers and investors.
Financial highlights included a group profit before tax of £318.6m, a 12% increase in Connells Group’s total revenue to £1,069m, and a net interest margin of 1.28%.
The group’s UK residential mortgage arrears were at 0.29%, below the industry average.
Skipton also strengthened its capital position, with common equity tier 1 and leverage ratios of 28.7% and 6.6% respectively.
Stuart Haire, chief executive at Skipton Group, said: “I’m deeply proud of Skipton’s performance—not just because of our continued strong financial results, but because of the impact we are making where it matters most.
“Breaking down barriers to help more first-time buyers get their own home was and remains a core focus for us.
“We will keep leading with purpose to drive real change, making homeownership more possible for many more people.”
Haire added: “2024 saw us deliver a record amount of support to our members.
“We increased our efforts to help our members get access to the advice they need to make their money work harder for them and gave just under £200m in value back to our savers through above market savings rates.
“With housing and financial stability essential for both personal wellbeing and the nation’s growth, we’re uniquely placed to harness our Group capabilities to drive transformative change.”
