Leeds Building Society withdraws lending on second homes

The announcement - coming as part of its interim half year results for 2022 - also saw its chief executive Richard Fearon confirm the society would be directing more of its efforts on other sectors, “especially first-time buyers”. 

It comes as the firm’s total membership grew to 815,000 - including 9,000 new members who chose the society when deciding to buy their first homes. In addition to this, nine of its 10 biggest lending days ever occurred during the first six months of this year leading to its highest number of completions in the first half of a year. 

Gross lending, meanwhile, climbed from £2bn in the first half of 2021 to £2.5bn in the first half of 2022, while net lending increased from £600m to £1.2bn - both of which are record half year amounts for the society. 

Its growth in lending was also supported by a corresponding rise in savings balances, with the increase topping £1bn - taking the total savings balance to £16.4bn - an increase from the £15.25bn recorded in the second half of last year.