Strong housing market driven by remortgaging

Strong housing market driven by remortgaging

Thursday, June 26, 2003

Alliance & Leicester plc says that the housing market is now being driven primarily by remortgaging as the number of loans for new house purchases falls.

The sharp rise in house prices last year has prompted homeowners to free up some of their equity as mortgage 'deals’ become available, notes Stuart Dawkins, A&L’s plc director of corporate communications in a financial report.

A&L’s business strategy may mask some of the activity in the housing market however, as they specifically target "high quality, profitable" lending and avoid the "high loan to value, buy to let and sub-prime sectors of the market," according to the corporate director.

Dawkins said he could not forecast whether this trend would continue throughout 2003. The bank’s gross mortgage lending at the end of the first quarter of 2003 was £1.3 billion and has since increased to £2.5 billion by the end of May 2003, 19% higher than in the same period in 2002 and an estimated market share of 2.4%

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