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Deloitte comments on building societies’ lending figures

30 November 2012

Gross mortgage lending by building societies and mutual lenders was £3bn in October 2012 - up by 29% compared to same month last year.

Deloitte, the business advisory firm, says mutuals are increasing market share due to both their strong capital base providing them with the capacity to lend, as well as the attractiveness of the mutual brand.

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

“Building societies have a proud heritage and strong links to local communities, and their strong recent performance in the present challenging economic climate proves that they have a crucial role to play in the future of UK financial services.  The current climate has demonstrated the strength of the building society model and has underlined the potential for growth that it currently has, and will continue to have for many years.  

“Fundamentally, the sector is enjoying a revival because it has retained a relatively strong capital base and a number of strong brands, providing societies with the ability to compete effectively both nationally and locally.”

Ends

About Deloitte
I
n 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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