Skipton Building Society balances up 5.2% to £23bn

Skipton Building Society said its savings balances grew 5.2% to £23.6 billion, group mortgage balances rose 6.8% to £27.2 billion and society membership grew 3.1% to over 1.17 million in the first half of 2023.

First-half group profit before tax fell to £148.9 million from £160.0 million.

Skipton reported £3.4 billion of mortgage advances, up 27% year on year, with nearly 9,000 first-time buyers helped, up 43% year on year.

Skipton Group CEO Stuart Haire wrote: “In May we took a stand, by launching a new option for aspiring first-time buyers that no lender has before — our Track Record mortgage helps those trapped in expensive rents to get access to a mortgage. 

“I feel very strongly that we can and should do more to support our potential and current members with this massive housing challenge; it links clearly to our founding purpose and why building societies exist. I could not be prouder of the impact it is having.