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Principality grows to sixth largest building society in UK

Interim results released by Principality - Wales' largest building society - reveal it has grown to the sixth largest building society in the UK.

Key highlights from the results include:

  • Half year pre-tax profits of £14.7m
  • Assets increased to £7bn
  • New residential mortgage lending in Wales up 38% to £106m

Principality was formed in 1860 and now has 53 branches and 17 agencies across Wales.

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.

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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

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Principality chief announces plans to stand down

Planes, not man
Peter Griffiths has led the Principality building society for 10 years Credit: ITV News Wales

The Chief Executive of the Principality, Peter Griffiths, has announced he is to leave the building society.

Peter Griffiths has led the building society, which is the 7th largest in the UK for 10 years. Announcing the news he said that he had mixed emotions about making the decision.

Principality building society
Principality is the UK's 7th largest building society Credit: ITV News Wales

Peter Griffith said "it has been a fascinating experience, initially a mix of modernising and then growing the business and finally steering our way through the depths of one of the most testing financial times on record."

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