YORKSHIRE Building Society has more than doubled its profits for the past six months after demand for mortgages from first-time buyers rocketed.

The Bradford-based building society said it gave mortgages to a record 9,931 first-time buyers in the six months to June 30, around three times the number from the same period in 2020.

YBS, based in Yorkshire Drive, said the jump in demand helped to drive profits higher.

It posted a pre-tax profit of £147.7 million for the past half year, compared with a £67.3 million profit in the same period last year.

The group said the number of residential mortgages it provided over the period rose by almost a third to 41,750.

It came as house prices jumped and sale demand lifted ahead of the deadline for the stamp duty holiday for some properties at the end of June.

Yorkshire Building Society added that total mortgage balances also made gains, rising by £2.2 billion to £41 billion at the end of June.

Mike Regnier, chief executive of YBS, said: “Despite the uncertain external environment, I’m pleased to report that Yorkshire Building Society has made a strong start to the year.

“The housing and mortgage markets have been strong in the first six months of 2021 and remain positive as we enter the economic recovery period.

“This has enabled us to end the first half of the year with good profit levels and strong capital and liquidity positions.”

Since reopening following the first national lockdown last year, the housing market has gone from strength to strength with people keen to get on the housing ladder, prices soaring, and increased interest helped by the freeze on stamp duty.

In the past year average house prices in Bradford have risen by more than 13 per cent and continue to climb higher.