UK mortgage market to grow
According to Abbey, the UK mortgage market is set to grow this year.
Although the economy is certainly not at its best at the moment, it is thought that unemployment figures have not risen by as much as what banks had thought and in addition to this, property prices have fallen but not quite as much as originally thought.
Abbey’s chief executive, Antonio Horta-Osorio commented, “I am prudently optimistic about our business prospects for the remainder of the year. In spite of this being a very negative environment, it is a little bit better than we thought, although not significantly. We had assumed house prices would fall by a further ten per cent this year and that unemployment would rise from five per cent to eight and a half to nine per cent.”
Abbey who are part of the Santander banking group have recently declared increases in their pre tax profits for the first 3 months are looking to continue to react to the changes in the market and remain as a competitive lender.
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