Mortgage balances at Hanley Economic Building Society have increased from £345.85m in 2023 to £379.62m, a 9.77% jump year-on-year.

The firm’s annual financial results revealed that new mortgage lending rose by 4.12% to £95.04m, with Hanley attributing this increase to the development following the conclusion of a core system migration, which has enabled it to enhance its product and service offering for members and intermediary partners.

Total assets also increased by 2.45%, reaching £527.84m in 2024. The firm said this was driven by a £18.84m increase in retail savings balances.

Additionally, Hanley Economic’s operating profit increased by 171.55% to just over £2.5m in the same period.

Chief executive officer at Hanley Economic Building Society, Mark Selby, said it is "pleasing to share such a strong set of results" for 2024, "given the economic challenges" that the firm and the rest of the industry have faced.

He added: "We’ve seen solid asset growth, met our budget targets for net lending and profit, and maintained liquidity with attractive savings rates. This positions us well for future lending expansion in 2025 and beyond.

"The housing market is showing early signs of recovery. As a member-owned organisation, we strive to balance our savings and mortgage rates carefully, maintaining savings rates even when the Bank Base Rate declines. While this balance is essential for protecting our capital reserves, I’m optimistic that an improving economic outlook will bring greater stability.

"We remain committed to expanding our mortgage offerings to support first-time buyers, remortgage clients, self-build borrowers and landlords. We're also focused on assisting older generations in accessing equity for diverse needs."

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