Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

West Brom BS Reports 72% of New Homebuyer Mortgages to First-Time Buyers

West Brom Building Society has reported that 72% of its new homebuyer mortgages in the past year were taken out by first-time buyers. The society completed over £1bn in new homeownership lending and supported more than 5,500 first-time buyers during the period.

According to the annual results, 85% of West Brom’s new mortgages were for homebuyers. Of these, a significant majority—72%—were for first-time buyers, highlighting the society’s focus on supporting those entering the property market for the first time.

The building society also reported pre-tax profits of £33.6 million for the year. Its Common Equity Tier 1 capital ratio increased to 17.2%, reflecting a strong financial position.

For UK letting agents and inventory clerks, these figures indicate a continued influx of first-time buyers into the property market, which may influence demand for rental properties and related services. The data suggests that West Brom Building Society is playing a notable role in enabling new entrants to the housing market.