The building society sector saw mortgage balances grow by £11.7bn, accounting for 72% of the mortgage market growth during the six months to September 2024, data from The Building Societies Association (BSA) has revealed.
This followed 2023, where building societies were responsible for all the growth in the mortgage market, as overall mortgage balances at other lenders reduced over the year.
During this time, building societies provided 63,000 first-time buyer mortgages, accounting for more than two-fifths (44%) of all their residential owner-occupier lending.
In the six months to September 2024, building societies also attracted £14.7bn in cash savings, accounting for more than one-third (34%) of all savings.
Savings balances at banks and other deposit takers increased by £27.7bn in the same period.
The research found that building societies held 40% of all cash ISA balances, totalling £153.4bn.
Building societies also performed better than banks on all measures of customer service.
For example, 93% of building society customers agreed their provider offered good customer service, compared to 87% of bank customers.
86% of customers said their building society offered competitive rates, compared to 73% of bank customers.
