Skipton Group annual results - reaction
Skipton Group have this morning published their annual results (link to full results >> here <<). Newspage sought the views of brokers, below.
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5 responses from the Newspage communityCopy all
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Skipton Building Society's latest business results are nothing short of astounding. With a 40% surge in the number of first-time buyers assisted, totaling over 19,000, they're truly empowering dreams of homeownership. The launch of Income Booster has revolutionised borrowing power, evidenced by a staggering £327.5m in applications. Not stopping there, the UK's only deposit-free mortgage garnered over £62m in applications, marking a pivotal shift in accessibility. Remarkably, Skipton also solidified its position in the market, boasting a 10% growth in savings and a 12% increase in mortgages. Congratulations to Skipton on these remarkable achievements, we love working with you.
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A 10% increase in pre-tax profit shows the benefits of Skipton's innovative and disciplined approach to mortgage lending. Renamed mortgage products to make them more first-time buyer friendly have clearly helped, and they are still the UK's only deposit-free mortgage provider, though admittedly uptake has been fairly limited. Interestingly, rental property supply is up 10% at Skipton-owned Connell's estate agents, suggesting pressures on rents may be starting to subside.
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There's no surprise that Skipton experienced growth last year, considering the marketing gimmick they introduced in the form of the 0% mortgage. I doubt the mortgages completed had little impact on these figures but the publicity they gained off the back of this was a marketer's dream. Well played to the marketing team, now let's hope they draw a line between treating Connells brokers differently from all other brokers. That would surely increase growth further.
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Skipton Group, the building society owning company, has released its trading results and at first glance they look impressive. When it comes to this company's mortgage lending activities, we take our hats off to them. They are often seen pushing the envelope and launching new and innovative products to help applicants, especially first-time buyers. On the property front we do wish they reigned in their estate agent sales teams and some of the things they tell housebuyers, like you must use our mortgage brokers. I thought with increased regulation we'd seen the back of such activities but from consumer feedback it seems not sadly.
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A strong set of results in a challenging year from Skipton who are a great and innovative lender. Although once Martin Lewis gets his teeth into the conditional selling hot topic, the broking and estate agent arm may not find the going as easy.