Leeds Building Society has reported strong financial results for the fourth consecutive year, marking its 150th anniversary with growth across mortgage lending, savings, and total membership.
The society achieved gross mortgage lending of £5.7bn in 2024, up from £4.4bn in 2023, with net lending rising to £2.6bn from £1.5bn the previous year.
Leeds Building Society’s market share of new lending increased to 2.3%, and the total mortgage asset balance reached £24.4bn.
In addition, first-time buyers accounted for 47% of all the society’s new mortgages in 2024.
Membership increased by 7.8% to a record 991,000, and the society generated £175m in additional interest for members by offering rates above the market average.
Leeds Building Society continued its investment in its branch network, opening a 51st branch in Solihull and renovating locations in Gloucester and Stevenage.
Financially, the society reported an underlying profit before tax of £187.5m, up from £181.5m in 2023.
Total assets rose to £31.6bn, with capital and reserves exceeding £2bn.
Liquidity levels remained well above regulatory requirements.
The society maintained a responsible lending approach, with an average lTV ratio of 66.8% on new lending and 54.2% across all mortgages.
Richard Fearon, chief executive officer at Leeds Building Society, said: “The milestone of our 150th anniversary offers the opportunity to reflect on how far our society has come.
“We were helping people onto the housing ladder before the invention of the telephone and the lightbulb, and our purpose remains as relevant as ever today.
“It’s a real privilege to be announcing record-breaking results for a fourth successive year, and I’m incredibly proud of the progress we continue to make to deliver our purpose and support
members.
“We’ve been helping people get on, and stay on, the housing ladder for nearly 150 years,
and continue to push for real change in the housing market.
“We know that first-time buyers today face many barriers to entering home ownership, and we continue to find new ways to support them, including our Income Plus and Reach mortgage ranges, the former of which has been our most successful product launch ever.
“Income Plus allows first-time buyers to borrow more than they would otherwise have been able to, provided they meet specific lending criteria.”
He added: “There is more we can do here to help first-time buyers, and I’m supportive of the Government’s proposed plans to relax lending rules, as the cap on loans over 4.5 times income has become a real obstacle to us providing more support.
“As a mutual, we don’t have any external shareholders to pay dividends to, and our strong financial performance allows us to invest significantly in our business.
“Our achievements in 2024 year show the society at its best, reflecting the talents of our
colleagues and the collaborative culture they foster.”
Fearon said: “We’re well-positioned to deal with any challenges that lay ahead and it’s clear that our nearly one million members continue to recognise our value.
“We’ll continue to invest in supporting our members and deliver our purpose which will remain unchanged, as it has for 150 years, because everyone deserves to have a place to call home.”
