Skipton Building Society’s annual results boosted by first-time buyers
Skipton Group, which includes the UK’s largest estate agency, Connells and Skipton Building Society, has announced a record return of value to its members after a bumper year at the group.
The group’s pre-tax profit fell to £318.6m in 2024, down from £333.4m the year prior. The group cited downward pressure on net interest income for the drop.
The North Yorkshire-based company posted a near £60m loss in income at £488.4m, compared to £542.8m in 2023.
However, Skipton was able to shake off profit woes as the group returned £197m in value back to its members as part of its “Make Membership Matter” initiative. This was up from £148m returned in 2023.
First-time buyers boosted mortgage lending, which accounted for 44 per cent of the £30.9bn recorded in mortgage balances.
Connells boosts group earnings
The group said its building society arm performed well despite interest pressures, as its net interest margin reduced by 25 basis points to 1.28 per cent.
Pre-tax profit in Skipton Building Society was at £209.9m, down from £283.7m in 2023.
Connells Group soared to £61.3m in profit, a leap from £13.8m recorded in 2023.
Total revenue at the agency grew 12 per cent to over £1bn, with the firm citing benefits from a more substantial housing market.
Group chief executive, Stuart Haire said: “By combining our collective efforts across the Group, and unlocking the power of our data, I believe we can continue to provide more opportunities for members to have a home, save for life ahead and support long-term financial wellbeing.
“At a time when more people are struggling to buy their first homes or change their homes, and one in three people have no savings, it is more vital than ever that we play our role in building a more resilient society.
“Alongside our products and services, raising awareness and lobbying for societal change is also core to our purpose.
“Financial education is essential to unlock better outcomes; whether it be tackling challenges for first-time buyers, narrowing the advice gap, or how we all play our part in reaching net zero by 2050.
“We understand that we cannot do this alone, but collectively, we can make a difference, and we will play a leading role.”