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Mutual lenders continue to be successful

1 March 2013

Gross mortgage lending by building societies and mutual lenders was £2.4bn in January 2013 - up by 25% compared to same month the previous year.

Stephen Williams, head of the Building Societies Practice at Deloitte in Yorkshire, said:

“The financial results from a series of building societies indicate that each had a successful year, and that mutuals continue to thrive. The upward trends in gross lending continues from 2012 - where gross mortgage lending by societies and mutuals hit £30.7 billion, up by 30% compared to 2011 - and is set to continue this year. Mutuals in 2012 had a 22% share of the mortgage market, up from 17% in 2011.

“There has also been a welcome renaissance in lending to first-time buyers and 216,200 became homeowners last year, which the building societies significantly contributed to. This was the first time that there were more than 200,000 first-time buyers in one year since 2007. It was also part of a wider shift from an emphasis on remortgaging in 2011 to more home buying activity in 2012, and I expect this trend to continue this year.”

Ends

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About Deloitte

In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

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