Principality annual results announced for 2013 in Wales

Wales' largest building society, the Principality, announced that last year they lent more than a billion pounds in mortgages - an encouraging sign that first-time buyers are getting a bigger slice of the housing market.

Live updates

Principality results positive news for first-time buyers

There are encouraging signs tonight that first-time buyers are getting a bigger slice of the housing market.

Today Wales' largest building society, the Principality, announced that they lent more than a billion pounds in mortgages last year.

That money has helped thousands of people get onto the property ladder - and in Wales, first-time buyers were getting a bigger share than ever before.

Principality: 10.7% increase in mortgage lending

The building society Principality have announced an increase in mortgage lending of 10.7% in the last year.

First-time buyer lending has also increased, with the society helping over 1,800 first-time buyers across the UK onto the property ladder.

Principality has also grown its Welsh first-time buyer market share to a record high of 12%.

"We have...continued to support the regional economy, opening our 53rd branch on Cwmbran high street, creating a further 58 jobs across the Group and increasing residential lending in Wales by 42%."

– Graeme Yorston, Principality Group Chief Executive

Advertisement

Wales' biggest building society to release annual results

The figures for 2013 are expected to be good due to an increase in first time buyers. Credit: PA

The Principality, Wales' biggest building society, will announce its annual results for 2013 later this morning.

The figures are expected to be a good indicator for the Welsh economy, underlying a recovery in the housing market.

It's thought last year's positive figures are a result of more first time buyers getting on to the property ladder in Wales.

Back to top