Jump to content
House Price Crash Forum
Sign in to follow this  
koala_bear

Nationwide Lending Data - Record Mortgae Market Share

Recommended Posts

http://www.bbc.co.uk/news/business-22621129

Nationwide mortgage lending share at record high

The UK's largest building society, Nationwide, has said that its share of the mortgage market has reached a record high. Nationwide said gross mortgage lending had risen by 17% in the year to 4 April to £21.5bn, increasing its share of the market to a record 15.1%.

Statutory profit rose by 3% to £210m, up from £203m a year earlier.

However, it set aside a further £53m to cover personal protection insurance claims, taking the total to £181m.

Raising capital Nationwide also said it had opened 365,000 new current accounts in the year, and seen a 58% increase in the number of people switching their main "banking relationship" to the building society.

Executive director Chris Rhodes said "We opened new current accounts at a rate of one thousand per day over the last year and many of these were people switching from another provider.

"These results show that Nationwide really is the main challenger to the big banks."

While the Nationwide had good news on mortgage lending, commercial lending losses doubled to £493m, which the building society attributed to "the continuation of negative sentiment toward commercial real estate and the uncertainty surrounding the economic outlook in the UK".

In a conference call following the release of its results, chief executive Graham Beale announced the society's intention to raise "a few hundred million" in additional capital during the next year.

He said that Nationwide did not need to raise extra capital to meet regulatory demands, but was raising the money for strategic reasons.

"We do think it's important that we've got access to capital from a strategic viewpoint, either to respond to some shock to our system or for some inorganic opportunity or an accelerated growth plan" he said.

The record market share is probably due to Santander and Lloyds group trying to reduce their market share...

CRE losses accelerating (are they trying to clear up CRE before moving on the the more sensitive residential lending?)

Share this post


Link to post
Share on other sites

Raising capital Nationwide also said it had opened 365,000 new current accounts in the year, and seen a 58% increase in the number of people switching their main "banking relationship" to the building society grabbed loads of cheap money from the FLS and slashed its savings rates accordingly.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.