Building societies take 29% share of the market in Q3

Ryan Bembridge

November 20, 2017

Building societies approved 29% of all new mortgages in the third quarter of 2017, figures from the Building Societies Association show.

Societies approved 114,793 loans in Q3, up 4% on the same quarter last year when there were 110,216 loans.

In terms of gross lending societies took a 25% share of the mortgage market.

Andrew Gall, chief economist at the BSA, said: “Building societies took a sizeable market share of mortgage lending in the third quarter of 2017.

“Activity in the market has been subdued but there was a pick-up in remortgaging activity prior to the widely anticipated rise in the Bank Rate from 0.25% to 0.50% as borrowers fixed their mortgage before rates increased.

“Almost 90% of new mortgages in Q3 were on fixed rates, so many homeowners will be protected from interest rate rises for a number of years.”

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