Building societies and mutual-owned banks account for more than half (52%) of the mortgage market’s growth in the six months to March 2025, figures from the Building Societies Association (BSA) revealed.
During this period, the mutual sector increased its mortgage balances by £14.8bn and attracted £17.4bn in new savings, equal to a third of all UK cash savings.
Together, building societies and mutual-owned banks now hold £648.3bn in assets, representing 29% of UK mortgage balances and 23% of savings.
The data also showed that the mutual sector continues to support first-time buyers.
Between October 2024 and March 2025, building societies issued 61,400 mortgages to first-time buyers.
Savers are also benefiting. In 2024, building society customers received £2.3bn more in interest than they would have from average rates at larger banks.
Building societies and mutual-owned banks now hold 47% of all Cash ISA balances, totalling £191.3bn.
The sector is also expanding. Two shareholder-owned banks became mutual-owned following acquisitions by building societies in the six-month period.
Meanwhile, building societies are maintaining their presence on the high street, now operating 30% of all branches – up from 14% in 2013.
