When you look at something like the Building Societies Show happening later this month, and the fact that, for the first time, you have 36 building societies all coming together under one roof at the Coventry Building Society Arena, I think the obvious thing to focus on is the scale of it.
For me, it is less about the number, even though that in itself is quite something, and more about what it says about where the sector is right now, and where it is trying to get to.
Because if you just take a step back and think about it, an event that is built by societies, designed specifically for brokers, and focused on giving direct access to decision-makers, practical insight and proper conversations, that certainly does not happen by accident. Instead, I think that reflects a sector that is trying to be easier to access, more joined-up in how it engages, and ultimately more useful to brokers when it comes to placing cases.
And I think that’s such an important thing to state, particularly in the kind of market we are operating in at the moment. Things are not always straightforward, and brokers are having to work that bit harder to get the best outcomes for their clients.
Building societies have always had that breadth, and I think it sometimes gets lost. You have got different societies with different strengths, whether that is later life, more complex affordability, or just a willingness to look at something with a touch more complexity and take a view on it.
But if I am being honest, what has not always been as easy is knowing where to go and who to speak to in a way that works day-to-day, particularly when you are trying to work out how something will be viewed and whether it is even worth having the conversation in the first place. This is especially true when you have got multiple cases sitting on your desk and not a huge amount of time.
When you consider the scale the sector already operates at, it does put that into context. According to the Building Societies Association, building societies now account for around 29% of all outstanding UK mortgages and support 37% of new first-time buyer lending¹, which is a significant share of the market.
So, bringing a large number of societies together in one focused environment, with no noise, just that shared intent to support brokers properly, I think, changes the dynamic. It gives brokers that clearer line of sight in terms of who does what, how different societies think, and where there might be that bit of flexibility if you just have that all-important conversation.
Access to decision-makers is becoming more important
The other thing that really stands out to me, and it is something I am seeing more and more from being out and about and speaking to brokers, is that the way cases are being placed is definitely changing.
It is not just about identifying a product anymore, and I think we have probably moved past that. It is much more about understanding how a lender is going to interpret a case, where they are comfortable, where they might need more detail, and how quickly you can get to a decision.
The reality is, and I think most brokers would say this, you can have something that looks fine on paper, but if you cannot sense-check it early, or you are not quite sure how it is going to be assessed, that is where things can start to slow down.
So that access to decision-makers at the Building Societies Show becomes really important. Just being able to have those conversations, to say, “look, this is the scenario, how would you view it?”, that can save a huge amount of time further down the line.
Aligned with a more complex market
If you look at the timing of the Building Societies Show as well, I do not think that is a coincidence.
We are in a market where affordability is still a challenge in places, customer circumstances are more varied, and the number of really straightforward cases probably is not what it once was.
This is where building societies, and Dudley Building Society included, can really play a role. Whether it is flexibility, or simply having access to people you can speak to, those things all help in getting cases over the line. Quite often, once you get into the detail of a case and understand the nuances, there are more options than you might initially think.
Such an event really helps in bringing mutual expertise into one place, encouraging those types of conversations, and helping brokers build the kind of relationships that make placing more complex cases that bit more straightforward.
