Leeds Building Society has increased its mortgage market share with profits at the organisation leaping 19 per cent across 2011.
The company revealed its revenue reached record levels during the 12-month period, while membership and savings balances were greater than ever before.
Peter Hill, chief executive at Leeds, noted the financial results are excellent, with the building society providing more capacity in the UK home loan market – with first-time buyers (FTBs) among those who benefitted most.
The industry figure stated: “We also saw new mortgage lending increase by 25 per cent, to £1.23 billion (£984 million 2010), which is one and half times our natural market share.”
He observed there was a sizeable escalation in new residential lending in 2011, with 4,000 FTBs able to get their foot on the first rung of the property ladder as a result.
The news comes after chief executive officer of Firstrung Paul Holmes recently predicted house prices in the UK look set to decline across the next 12 months, with rising unemployment and pay restrictions likely to drive this movement.