The industry has returned to growth during the past five years after suffering steep declines during the financial crisis. Between 2008-09 and 2009-10, revenue dropped significantly due to collapsing demand for loans, tighter lending standards and falling retail deposits. Nevertheless, the industry weathered the financial crisis relatively well compared with the banks, which required massive government bailouts. This reflects the fact that building societies are more risk-averse.
Building societies are cooperative financial institutions that are owned by their members (i.e. their customers, depositors and borrowers). Like banks, they take deposits and provide banking and financial services, particularly mortgage lending. Unlike banks, however, profit is distributed among its members rather than among external shareholders.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.