WHO OWNS TSB BANK UK SERIES

Nellis of Loughborough and Keele Universities, The Halifax carried out a large-scale statistical analysis of property characteristics and their influence on prices, to create a mix adjusted house price index. The Halifax identified that any comparison between house prices needed to make allowance for these different characteristics. However, these indices were simply based on a crude average price rather than taking into consideration the individual characteristics of houses that influence price, such as size, number of rooms and parking facilities. The new company, Lloyds Banking Group plc, immediately became the largest retail bank in the UK.įollowing the house price boom of the 1970s, many building societies were regularly publishing house price indices to track the changing value of homes in the UK. In January 2009, following unprecedented turbulence in the global banking market, HBOS plc was acquired by Lloyds TSB. Then, in September 2001, the Halifax merged with Bank of Scotland to form HBOS plc. The subsequent flotation on 2nd June was the largest the Stock Market had seen some 7.5 million shareholders were created at a stroke.Ī further acquisition was made in 1999 with Birmingham Midshires. Its members voted overwhelmingly in favour of conversion to plc status. The most notable of these were the 1995 merger with the Leeds Permanent Building Society, and the acquisition of Clerical Medical the following year.įebruary 1997 marked a turning point in the history of the Halifax. The 1990s saw a period of mergers and acquisitions. The Halifax steadily diversified into personal banking, stock broking, insurance and estate agency. In 1986, new legislation allowed building societies to increase their range of financial services. Branches were modernised and revolutionary cash dispensers installed. A state of the art head office was built at Trinity Road in 1973. The business of the Halifax was transformed - accounts were handled electronically and filing systems automated. The advent of computerisation in the 1960s heralded an era of rapid change and innovation. The new Halifax Building Society had assets of £47 million, and was five times the size of its nearest rival. Hill’s biggest achievement was the 1928 merger of the Halifax Permanent with another local society, the Halifax Equitable Benefit Building Society. Offices in Glasgow and Edinburgh were opened four years later. In all, the Society financed the building of some 14,000 homes - 60% of all the houses built under these schemes.Įxpansion continued apace with a new head office on Commercial Street in 1921, and a London office in 1924. The role of the Halifax was pivotal, advancing money to developers at very low rates of interest.

WHO OWNS TSB BANK UK SERIES

The 1920s brought a severe housing shortage, and a series of government-led national house building schemes.

By 1927, assets had risen far higher to £27 million. In 1913, assets reached £3 million and the Halifax became the largest building society in the world. Hill had a profound influence on the development of the Society, and oversaw its dramatic expansion. He was both President and Managing Director from 1928-1938.

Coincidentally, this land now forms part of the Halifax’s head office site on Trinity Road.Ī giant in the history of the Halifax, Enoch Hill took over as Secretary in 1903. Then, on 26th May 1853, Hanson became the very first person to be granted a mortgage by the Halifax. Fisher was elected President, and Taylor named Secretary (a position he was to hold for nearly 50 years). All three played a pivotal role in the Society's early history. Office space was rented in the Old Market, and an announcement placed in the Halifax Guardian.Īmongst the founding fathers were John Fisher, a local bank manager J.D.Taylor, a solicitor’s clerk and Esau Hanson, a textile manufacturer. Rules were drawn up, and a chairman, trustees and directors appointed. Lenders would receive interest on their savings borrowers would be charged it.īy Christmas that year, the Halifax Permanent Benefit Building Society was formally established. Those with spare cash could invest it others could then borrow, using the funds to acquire a house.

Their aim was to set up an investment and loan society, for the mutual benefit of local working people. In December 1852, a small group of men gathered in the Old Cock Inn, Halifax.

Who owns tsb bank uk