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Mortgage lender predicts more mortgage activity
Tue, 04 Oct 2005
A mortgage lender has said that the property market will expand into the next year.

Northern Rock said it predicts its pre-tax profits to rise by 12 per cent, and that the value of the residential lending market would expand to £270 billion. This is £10 billion more than their mid-year forecast for mortgage lending .

The mortgage lender also expects more first-time buyers to enter the mortgage market.

Northern Rock would meet all of its targets for 2005 it said, and added that analyst forecasts of profits between £468 and £509 million were accurate.

Adam Applegarth, chief executive, said that the mortgage lender's strategy of achieving good results by attracting high quality assets was still in operation: "It is pleasing to note that the credit quality of our books remains significantly better than industry average.

"The robustness of our business model means we are again set to deliver on all our strategic targets in 2005 and we remain confident on the prospects for 2006," he added.

The news comes after Nationwide announced that house prices had dipped between August and September, despite a rise in mortgage approvals reported by the Bank of England.

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