Nationwide posts 93% rise in mortgage lending in UK
Nationwide, the UK’s largest building society, today posted a 92.7% rise in net annual mortgage lending to £10.6bn (€15.5bn), but said the recent spate of interest rises had started to bite.
Nationwide, which is merging with Portman in what marks the biggest building society tie-up, said the four rate rises since last August were impacting on the housing market and would see a “cooling” in the second half of the year.
The mortgage lending giant remained upbeat on the prospects for the housing market, however, forecasting price growth of 5% to 8% this year.
Nationwide reported 17% growth in pre-tax profits to £652m (€952.2m) for the year to April 4, boosted by the continued strength in lending, alongside good performance in its current account and credit card offerings.
