According to the Building Societies Association (BSA), building societies have helped almost a third (32%) of first-time buyers into the housing market.
Figures from the BSA showed that building societies provided 61,730 mortgages starters in the six months to March 2026.
The sector’s mortgage balances increased by £7.5 billion over the period to £499 billion, accounting for 29% of all mortgage loans outstanding.
Mutually owned building societies and banks attracted 19% of all savings in the six months to March 2026 and hold 23% of all outstanding UK savings, totaling £499 billion.
Paul Broadhead, head of mortgage and housing policy at BSA, said: “Although mortgage rates remain higher than at the start of the year, the market remains active with strong competition between lenders and average mortgage rates have fallen over the past three months.
“What these figures demonstrate is the value of having a diverse market for financial services. Building associations continue to use their mutual model to support those who often find it hardest to access home ownership, while also delivering better value for savers.
“At a time when household finances remain under pressure, consumers are increasingly choosing organizations that focus on long-term value rather than short-term shareholder returns, which is one of the reasons why building societies’ mortgage and savings deposits continue to grow.”