Business Services Industry
British Banks Take Big Slice of Mortgage Market Share from Building Societies.
Knight Ridder/Tribune Business News, August, 2001
By Jane Padgham, Evening Standard, London Knight Ridder/Tribune Business News
Aug. 28--The inexorable decline of the building societies' role in Britain's housing market was starkly highlighted today.
Figures from the Bank of England showed that the banks' share of the mortgage market is more than four times greater than that of the building societies -- a dramatic turnaround from 10 years ago.
While building societies could boast 64 percent of the market in 1991, their share during the second quarter of this year was just 16 percent. The banks' share surged from 27 percent to 75 percent. The Bank of England figures suggest this trend has continued into the third quarter.
Although a large part of the change is due to...
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