Live updates

Wales' biggest building society announces annual results

The Principality Group is announcing its results for 2014, saying it had a strong year, with profits up.

They also say number of first time buyers getting on the property ladder has risen by more than a quarter in the past year.

Credit: ITV Wales News

The Society reported a pre-tax profit of £53.5m. Last year it announced mortgage lending was up by ten percent to more than a billion pounds. It also said its first time buyer market grew to a record high.

Competition in the mortgage market has meant that interest rates for borrowers have been forced downwards and as a direct result of this savings rates have also been reducing.

We do recognise the plight of savers in an environment of continuing low interest rates and we have implemented a number of initiatives to help alleviate this.

In 2014, we have built on our core principles of providing a safe home for our customers' savings and helping people to buy their homes, whilst continuing to deliver strong customer service.

– Graeme Yorston, Principality Group Chief Executive

First-time buyers offered 95% mortgages

After years of waiting and frustration, first time house buyers are once more being offered mortgages that lend 95% of the cost of a home.

It's one of a series of measures being rolled out to kickstart the housing market.

But how much will it help the thousands of people who are desperate to get their feet on the bottom rung of the housing ladder? Our business correspondent Carole Green has been trying to find out.


Principality hopes 95% mortgage will boost housing market

Wales' biggest buildng society, the Principality, says last year saw new loans totalling over £1bn.

It's reporting a pre-tax profit of just over £25m.

It says that first-time buyers are key to stimulating the housing market and supporting the economy. The society claims lending to this group has increased by a third and hopes it's new 95% mortgage for the group will help boost the housing market.

Graeme Yorston is the Group Chief Executive for Principality:

Principality's Chief Executive highlights importance of housing market

Graeme Yorston says that keeping the housing market working by lending to first time-buyers is key to the economy.

Our recent release of a 95% loan to value (LTV) product for Welsh First Time Buyers highlights our level of commitment to delivering accessible products to our heartland and playing our part in stimulating the Welsh housing market and driving the economy forward.

– Graeme Yorston, Group Chief Executive of Principality Building Society