The aim of this meeting for us today is to show you the Building societies. First I’m going to define the building societies… Then Marie is going to talk about the story of the building companies and to conclude, Chloee is going to present the big building companies and where they exsist. A building society is a financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending. The first building societies were formed about two hundred years ago when some people got together to co-operate with each other in building their own houses.
Members regularly contributed to the society and built the houses together. Each completed house was allocated by lottery to a member. They carried on until each member had his own house. The society, the house-building co-operative, was then dissolved. After a while building societies began to borrow money from investors to build houses more quickly and this was the start of permanent building societies, now simply called building societies. Then about one hundred years ago, most UK building societies stopped building houses and concentrated on providing capital for building houses, on providing mortgages.
Building societies are mutual societies, are owned by their members for
At the start of 2008, there were fifty nine building societies in the UK, with total assets to three hundred and sixty billion pounds. Every building society in the UK is a member of the Building Societies Association. The number of societies in the UK fell by four during 2008 by the consequences of the financial crisis of 2007-2010, three further mergers took place in 2009, and another three mergers took place in 2010 leaving the current number of societies at forty nine. When Building societies has been created ?