February 2000 Mutual Building Societies (MBS)
increase market share
Latest figures from Building Societies Association
(BSA) MBS natural share of mortgage market 23% Now provide 28%
MBS natural share of savings market 18% Now provide 27% Example
Feb 2000 Coventry Building Society announced Savings up 41%
-double natural share Gross Mortgage lending £1.1billion -ahead
of natural share net mortgage lending £507 million -growth of
12.3% 1999 MBS net lending of £10 billion similar to the figure
in mid 90s before some of the large societies converted.
Although the figure needs adjusting for inflation
and the housing boom it does indicate that the remaining mutuals
are growing and by degree are taking the business off, and in
effect displacing/replacing the new banks. Coverted societes
like Halifax are in trouble, the last figures I had showed that
Halifax used to get 20% of new mortgage business but now gets
7%. PORTMAN’s assets grew by 14% in 1999.
Bob Goodall
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