Skipton Group Exceeds 1.3 Million Members as First-Time Buyer Mortgages Reach Record Highs
Skipton Group, which operates Skipton Building Society and the Connells estate agency group, has reported a significant milestone with its membership base swelling beyond 1.3 million. This growth has been propelled by a record number of mortgages issued to first-time buyers, highlighting the group's expanding influence in the UK property market.
Record-Breaking Support for First-Time Buyers
In the past year, the building society assisted 26,000 first-time buyers in securing their initial steps onto the property ladder. This figure represents an impressive 50 per cent of all new mortgages distributed by the group throughout the year. The achievement marks a key target that was originally set for 2028, underscoring Skipton's accelerated efforts in addressing housing affordability challenges.
Stuart Haire, the group chief executive, emphasised the critical role Skipton plays in the current economic climate. "With housing affordability at its lowest point in 17 years, Skipton's role has never been more critical in helping address the challenges our members and customers face," he stated. "We helped over 26,000 first-time buyers, achieving a milestone we originally set for 2028 and provided over 64,000 free financial advice conversations to our members."
Financial Performance and Market Position
The group posted profits before tax of £275.2 million for the last year, a slight decrease from the previous year's figures. Despite this dip, Skipton's mortgage book demonstrated steady growth, increasing by 7.9 per cent to more than £33 billion. Additionally, customer savings held by Skipton surpassed £30 billion for the first time, with the group returning over £195 million to savers through above-market interest rates on savings accounts.
Connells, the estate agency arm of the group, managed to expand its market share even amid a challenging property market. The report indicated that Connells handled approximately one in ten of all UK home purchases and sales, showcasing resilience and competitive strength in a volatile sector.
Innovation and Advocacy in Housing
Skipton continues to innovate with products like the Track Record Mortgage and tools such as the Home Affordability Index, which analyses regional variations in housing affordability across the nation. The group has also been vocal in policy discussions, opposing changes to cash ISA limits announced in the recent Budget by Chancellor Rachel Reeves.
The affordability crisis remains a focal point for Skipton, with the group highlighting issues such as the five million adults in the UK who are unable to move out of their parents' homes due to financial constraints. This advocacy aligns with Skipton's mutual ethos, focusing on long-term member support and community investment.
Charitable Contributions and Future Outlook
In line with its commitment to social responsibility, Skipton contributed over £3 million to charitable causes, adhering to a pledge to donate 1 per cent of its profits. Total society membership has now reached 1.32 million, reflecting sustained trust and engagement from customers.
Looking ahead, Skipton aims to maintain its innovative approach and policy influence to make homeownership more accessible. As Haire concluded, "We will keep innovating and influencing policy to make homeownership more achievable," signalling a continued focus on tackling the housing affordability crisis head-on.
