Mortgage market dominated by ‘big six’
FT Adviser reports “The “big six” high street banks continued to dominate the mortgage market in 2018 as they accounted for nearly 70 per cent of all mortgage lending.
UK Finance’s lending league tables for last year, published today (July 30), showed Lloyds Banking Group remained the largest lender with £42.5bn worth of gross lending and maintaining 15 per cent of the market share. Nationwide Building Society was the second biggest lender accounting for 13.3 per cent of lending in the market, while RBS, Santander, Barclays and HSBC took between 11.4 per cent and 8 per cent of market share.
By comparison, Coventry Building Society, the next largest lender, accounted for 3.4 per cent of the market — less than half of HSBC’s share.
Combined, the “big six” provided nearly £12bn of new lending throughout the year, despite RBS and Barclays experiencing a dip in lending compared with the year before (£400m and £100m respectively).”