Skipton Group, encompassing Skipton Building Society and Connells Group, has reported its financial results for 2024, with a significant focus on supporting first-time homebuyers and enhancing conveyancing services.
In 2024, Skipton Building Society allocated 44% of its new mortgage lending to first-time buyers, reflecting its commitment to easing the path to homeownership. This marks an increase from 40% in 2023, with over 20,000 first-time buyers receiving support during the year.
Group mortgage balances experienced an 8.2% growth, reaching £30.9 billion. Connells Group, the UK’s largest estate agency under Skipton’s umbrella, contributed by generating £31.7 billion in lending for UK mortgage providers, thereby handling approximately one in ten of all UK home purchases and sales.
To address housing affordability challenges, Skipton introduced the Track Record Mortgage in May 2023, a 100% mortgage product designed to assist first-time buyers lacking a deposit but with a history of consistent rental payments. This initiative has facilitated £108 million in applications since its launch.
THE HOME-BUYING PROCESS
Skipton has invested in streamlining the conveyancing process. Through Connells Group’s partnership and part ownership of Legal Marketing Services Ltd (LMS), the Group piloted a solution aimed at automating the proof of funds procedure. This development seeks to reduce the approximately one-third rate of UK house sales falling through before completion.
FINANCIAL PERFORMANCE
The Group reported a profit before tax of £318.6 million for 2024, maintaining financial strength while investing in member-focused initiatives. Connells Group saw a significant profit increase to £61.3 million, with total revenue rising by 12% to £1.069 billion. Additionally, Skipton returned £197 million in value to its members, up from £148 million in 2023, underscoring its commitment to member benefits.
Stuart Haire (pictured), Skipton Group chief executive, stated: “I’m deeply proud of Skipton’s performance—not just because of our continued strong financial results, but because of the impact we are making where it matters most. Breaking down barriers to help more first-time buyers get their own home was and remains a core focus for us. We will keep leading with purpose to drive real change, making homeownership more possible for many more people.
“2024 saw us deliver a record amount of support to our members. We increased our efforts to help our members get access to the advice they need to make their money work harder for them and gave just under £200m in value back to our savers through above market savings rates. With housing and financial stability essential for both personal wellbeing and the nation’s growth, we’re uniquely placed to harness our Group capabilities to drive transformative change.”
