Lloyds Banking Group (LON:LLOY) has lost market share in UK mortgages last year, new figures have shown. While FTSE 100 peers Royal Bank of Scotland (LON:RBS), HSBC (LON:HSBA) and new challengers gained, the bailed-out group nevertheless retained its position as the UK’s biggest mortgage lender.
Lloyds’ share price has climbed marginally higher in today’s session, having added 0.21 percent to 62.65p as of 09:54 BST. The advance is largely in line with gains in the broader UK market, with the benchmark FTSE 100 index currently standing 0.31 percent higher at 7,699.22 points. The group’s shares have lost a little over eight percent of their value over the past year, as compared with about a 3.4-percent gain in the Footsie.
Lloyds loses mortgage market share
New data from industry body UK Finance show that Lloyds lost some its share to other lenders, with the group’s share falling to 21.2 percent last year from 22.1 percent in the prior-year period. The bailed-out lender had mortgage balances of £290.3 billion last year, compared to £293 billion the previous year. Nationwide Building Society was the second biggest mortgage lender with a market share of 12.9 percent in 2017, unchanged from the prior year.
Group retains top spot
“Lloyds Banking Group remains at the top of the balances outstanding table, despite a decrease in book size of one percent,” UK Finance said in a statement.
The data also showed that bailed-out peer RBS (LON:RBS) had an increase of seven percent for their balances outstanding, allowing them to overtake Barclays on the table and become the lender with the fourth largest mortgage assets in the UK.
The news comes after it emerged this week that Lloyds plans to operate three subsidiaries in continental Europe after Britain leaves the European Union.