Building societies drive 89% of UK mortgage growth in 2024
08 April 2025
Data from the Building Societies Association (BSA) shows that building societies accounted for a significant 89% of all UK mortgage market growth between January and September 2024.
This data, released by the BSA as part of its ‘Original Money Movement’ campaign, underscores the vital role member-owned lenders like the Marsden Building Society play in supporting intermediaries and their clients.
The Marsden, which specialises in later life and expat lending, is encouraging further growth with a raft of recent criteria changes across its Residential, Later Life and Expat ranges, designed to help more people secure a mortgage.
The BSA’s research also indicates that building societies are more likely than banks to maintain their presence on the high street. Currently, building societies hold a 30% share of UK high street branches, which is more than double the 14% share they had in 2013. Now in its 165th year, Marsden Building Society remains committed to the high street with ongoing refurbishments of its branch network.
The Marsden has also recently opened applications for its 2025 Charitable Foundation fund, allowing Lancashire projects and causes to apply for grants of up to £3,000. The importance of this fund is underscored by the BSA’s statistics, which show that 72% of building society customers feel they’re an important part of their community, compared to just 54% of bank customers*.
Rob Pheasey, Chief Executive of Marsden Building Society, stated:
“We’ve never lost sight of our purpose, which is to build something better for our people, our communities and our members.
“This data from the BSA highlights the significance of building societies and the importance of innovation to better support our communities. We work closely with our intermediary partners to ensure our mortgage portfolio evolves alongside the needs of our borrowers. We’re also undergoing significant IT investment to ensure a five-star service for brokers and their clients, without compromising on the human elements of our process, which intermediaries have come to rely on.
“I’m proud that our approach to business differs from banks. We represent the original money movement, established by ordinary working people for ordinary working people, to help our communities thrive.”
Building societies are member-owned organisations and therefore don’t have external shareholders. Borrowers and savers become members when they take out a mortgage or open a savings account. This is the key difference from banks, whose driving force is creating profits to pay out to their external shareholders.
The different ownership means building societies are run purely for the benefit of their customers, which is reflected in their rates, products and services. Whilst not driven to maximise profits, building societies make enough profit to ensure they remain safe and sustainable. However, unlike banks, building society profits are reinvested back into the business and local communities, giving their customers overall better value and service.
*Doesn’t include the branches of Virgin Money or Co-operative Bank which are now owned by building societies.
