High street building society Nationwide has witnessed profits rising substantially in the months from April to June 2014. Profits have more than doubled in this period. This equates to £263m which is an increase of 117% for the same time last year. Statutory profit was up 141%, to £253m in the quarter. This is apparently despite lending to homebuyers reducing by one third. This in turn is a result partly, of more stringent regulations on granting mortgages. The building society, who are the biggest lender to first time buyers in the UK, says the profits for 2014's first quarter, were assisted by customers switching their current accounts from other high street banks and increased deposits by members. In comparison with the big four banks, Nationwide say their share rose a little from 6.2% to 6.4% for current accounts.
These results have also coincided with Bovis Homes' announcement of profits for the first six months of the year. They say pre-tax profits were up 166%, to £49.4m. The house builder, who operates mainly in the South of England, completed 1,487 property sales in the first half of the year, 54% higher than the same period a year earlier.