Newbury Building Society celebrates 250th anniversary of building society movement

Newbury Building Society has been celebrating the 250th anniversary of the building society movement, writes Ace Beattie.

The first known building society was set up in 1775 to held ordinary working people to own their homes and provide a place for their savings.

Newbury Building Society (NBS) was set up in 1856 and continues to provide services, including help for people wanting to save and those wanting to buy their own homes.

Most of the growth in the mortgage market is provided by building societies, the society said, accounting for 89 per cent of all UK mortgage growth in September 2024.

They provide support and innovative products to overcome the barriers faced by first-time buyers to keep their original key aims close.

Dean Scott, director of proposition and distribution at NBS, said: “We’ve never lost sight of our overarching mission – to be the trusted provider of savings and mortgages in our local community.”

Helping people to build financial resilience and make the most of their money is equally as important to building societies as supporting home ownership.

Their current share of UK high street branches is 30 per cent, higher than the original 14 per cent in 2013.

“We’re excited to be marking the 250th birthday of the first building society with some exciting additions to three branches in Newbury, Abingdon and Basingstoke,”

Newbury Building Society has placed a new eye-catching vinyl in its windows in honour of the anniversary.