Building societies, unlike banks, are not listed on the stock market and thus, don't have external shareholders. Instead, the shareholders and decision makers of building societies are the investing members. Building societies offer many traditional banking products and financial services such as mortgage lending, savings, and current accounts. In September 2022, the value of mortgages outstanding by building societies amounted to approximately 367 billion British pounds.
Mortgage lending by building societies in the United Kingdom (UK)
After a year of lower lending activity due to the coronavirus (COVID-19) crisis, in March 2021, the monthly value of residential mortgage lending by building societies in the UK reached record high levels. The fluctuation in lending can also be seen in the number of mortgage loan approvals.
Mortgage lending in the UK
The UK is one of the biggest residential mortgage markets in Europe, worth almost 1.7 trillion euros. Building societies rank among the largest mortgage lenders by market share together with the leading UK banks. In 2019, the largest building society and second largest lender in the UK was Nationwide BS.
Mortgage balances outstanding by building societies in the United Kingdom (UK) from January 2017 to September 2022
(in million GBP)
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Building Societies Association. (November 22, 2022). Mortgage balances outstanding by building societies in the United Kingdom (UK) from January 2017 to September 2022 (in million GBP) [Graph]. In Statista. Retrieved November 11, 2024, from https://www.statista.com/statistics/430146/uk-mortgage-lending-building-societies-balances-outstanding/
Building Societies Association. "Mortgage balances outstanding by building societies in the United Kingdom (UK) from January 2017 to September 2022 (in million GBP)." Chart. November 22, 2022. Statista. Accessed November 11, 2024. https://www.statista.com/statistics/430146/uk-mortgage-lending-building-societies-balances-outstanding/
Building Societies Association. (2022). Mortgage balances outstanding by building societies in the United Kingdom (UK) from January 2017 to September 2022 (in million GBP). Statista. Statista Inc.. Accessed: November 11, 2024. https://www.statista.com/statistics/430146/uk-mortgage-lending-building-societies-balances-outstanding/
Building Societies Association. "Mortgage Balances Outstanding by Building Societies in The United Kingdom (Uk) from January 2017 to September 2022 (in Million Gbp)." Statista, Statista Inc., 22 Nov 2022, https://www.statista.com/statistics/430146/uk-mortgage-lending-building-societies-balances-outstanding/
Building Societies Association, Mortgage balances outstanding by building societies in the United Kingdom (UK) from January 2017 to September 2022 (in million GBP) Statista, https://www.statista.com/statistics/430146/uk-mortgage-lending-building-societies-balances-outstanding/ (last visited November 11, 2024)
Mortgage balances outstanding by building societies in the United Kingdom (UK) from January 2017 to September 2022 (in million GBP) [Graph], Building Societies Association, November 22, 2022. [Online]. Available: https://www.statista.com/statistics/430146/uk-mortgage-lending-building-societies-balances-outstanding/