'Milestone' for Leeds Building Society as it welcomes one millionth member

The society was founded in Holbeck, Leeds, to provide access to homeownership and give people a secure place for savings.

Since then, it has grown to become the fifth largest building society in the UK, with 51 branches across England, Scotland, Wales and Northern Ireland and total assets of more than £31bn.

Richard Fearon, chief executive officer at Leeds Building Society, said: “We’re absolutely delighted to have welcomed our one millionth member to the Society.

“Hitting this meaningful milestone during our 150th year gives us an opportunity to reflect on the fact that our purpose remains as relevant as ever.

“We were set up in 1875 to put homeownership within reach of more people generation after generation. By the end of our first year, 450 accounts had been opened and £16,000 lent in mortgages.​

“150 years on, I am extremely proud of the impact we have made and that our heritage and experience allows us to continue making a difference to each of our members.”

In 2024, Leeds Building Society announced £5.7bn of gross residential lending, up from £4.4bn in 2023.

The society also posted an underlying profit before tax of £187.5m, a lift from £181.5m in the previous year.

The mutual’s member satisfaction rate remained at 94 per cent, the same figure posted in 2023.

In a statement issued alongside the results, Iain Cornish, chair of Leeds Building Society, said: “The backdrop to our 2024 performance was one of a modestly improving economy and housing market, and although the inflation rate reduced and interest rates began to fall, the pressure on household budgets remained intense.

“I am therefore pleased to report that, despite these conditions, the Society had another very strong, and in key areas, record-breaking year.”

As part of the celebrations for its 150th anniversary, the building society has also invited UK-based community organisations to apply for a share of £150,000.

Organisations can apply for an unrestricted grant of up to £30,000 to support work aligned with the Society’s aim of supporting vulnerable people to “find a place to belong” through housing and their community.

Funding decisions will be made by a panel of selected building society colleagues.