Thursday, Nov 22, 2007
Nationwide lets share of new mortgage business slip to 5.7% from 10%
Firstrung: Nationwide benefits from Northern Rock debacle as prime mortgage lending shrinks by 40%
Reading through the coded spin N-Wide only made £300mil, nothing in these days when you can burn through £25-30bil inside weeks. Also their share of the mortgage market has fallen from 10% to 5.7%, clever positioning? Its share of net mortgage lending fell to about 5.7% in the period, down from its typical market share of more than 10%. Nationwide revealed a conservative and sustainable approach to lending and focus on quality delivered prime net lending of £3.3 billion (September 2006: £5.6 billion) and total group net lending of £3.6 billion (September 2006: £5.9 billion), while ensuring asset quality remains much stronger than industry averages
Posted by converted lurker @ 12:49 PM (358 views) Add Comment
1 Comment
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1. Braveheart said...
I read the 40% decline in lending as Nationwide making a strategic decison to pull out of the market as it entered it's most flakey end game.
I could applaud their far-sighted strategic vision and courage, without reservation, if they hadn't continued to push the rising house price line to the rest of us in their monthly forecasts.