The Nationwide Building Society has reported growth in lending during its first quarter.
Gross mortgage lending was up 3.7% to £8.4 billion, supporting a record 20,600 first time buyers.
Meanwhile, member deposit balances grew by £4.2 billion.
Joe Garner, the Nationwide Building Society’s chief executive, said: “As a member-owned organisation, Nationwide is committed to delivering exceptional value and service to members rather than seeking to maximise profits. Nationwide has made a strong start to the year, opening more current accounts than any other brand and attracting higher gross mortgage lending and member deposits than last year. We are also pleased to have been named Which? Best Banking Brand for the second year running.
“We were again number one for overall customer satisfaction within our high street peer group, and improved our ranking among all firms – not just financial services – from joint seventh to joint fifth in the Institute of Customer Service’s UK Customer Satisfaction Index.
“Consumer expectations of service continue to evolve rapidly, as digital and data redefine how people manage their money. Therefore, we are progressing the review of our technology strategy to ensure Nationwide stays well ahead of future needs, and that we continue to pioneer legendary service in a digital age.
“Our outlook is unchanged from the full year, and we expect the economy to grow at a modest pace over the next 12 months. We are observing consumers adapting their behaviours in response to the pressure on disposable income. The housing market looks set to remain relatively subdued with house prices broadly flat in 2018. Against this background, we also expect intense competition to persist in our core markets.”
