Figures from the Building Societies Association show societies approved 109,600 mortgage loans in Q1 out of 347,000 across the whole market.
Building societies took a one third (32%) share of the mortgage market in terms of gross lending values in the first quarter of 2016.
Figures from the Building Societies Association show societies approved 109,600 mortgage loans in Q1 out of 347,000 across the whole market.
Paul Broadhead, head of mortgage policy at the BSA, said: “Building societies performed strongly in both the mortgage and savings market in the first quarter of the year despite intensive competition from the big five banks and smaller challengers.
“This was achieved by offering market leading rates whilst maintaining high levels of customer service.”
Mortgage lending was 40% higher in the first quarter year-on-year as property sales were pushed through before the stamp duty changes came into force on 1 April.
Building societies hold 21% of outstanding mortgages in the UK, but accounted for nearly half (48%) of net lending in the first quarter of the year.
