Originally published Monday, November 10, 2008 at 6:15 AM
E-mail article
Print viewNationwide's mortgage lending fell 72 pct in 1H
British lender Nationwide Building Society said Monday mortgage lending fell 72 percent in the first half of its financial year, as home buyers were deterred by a crashing property market and mortgage rates were boosted by the credit crunch.
British lender Nationwide Building Society said Monday mortgage lending fell 72 percent in the first half of its financial year, as home buyers were deterred by a crashing property market and mortgage rates were boosted by the credit crunch.
Net residential mortgage lending fell to 1 billion pounds ($1.6 billion) in the six months through Sept. 30, down sharply from 3.6 billion pounds a year earlier.
"Wholesale market conditions remain fragile and we expect the challenging economic environment in the U.K. to persist well into 2009," chief executive officer Graham Beale said.
House prices in Britain have plummeted over the last year as banks have reined in lending and prospective buyers have been cautious due to the looming recession. At the same time, mortgage rates have been pushed higher by the credit squeeze, as market uncertainty made lenders more cautious and their loans more expensive.
Copyright © 2008 The Seattle Times Company
E-mail article
Print view
Digg
Newsvine
Q&A : He's tangled up in Windows partitions
Practical Mac: With new features, Apple's MobileMe is worth the price
UPDATE - 08:48 PM
House narrowly passes landmark health care bill
Mourners gather at KeyArena for slain officer's memorial
Mourners gathered at KeyArena for the memorial service of Seattle police Officer Timothy Brenton on November 6, 2009.
Procession for slain SPD officer
Election Night: Approve R-71
Election Night: Reject R-71
Election Night: Joe Mallahan
Election Night: Mike McGinn
Election Night: Susan Hutchison
Election Night: Dow Constatine
Candlelight vigil for Officer Brenton
Flying Elephant on Aurora
Follow seattletimes.com on Twitter
Get the top stories on-the-go by following seattletimes.com on Twitter. We'll tweet the news and information you need around the clock and keep you up-to-date no matter where you are. Go to www.twitter.com/seattletimes to sign up now.
nwjobs
Post a comment
Michelle Goodman blogs about work/life balance.
How to tell your office you're gravely ill
Post a comment
nwautos
Choosing a new sedan? Weigh the impact of your choice on your wallet and on the planet.
Post a comment
Open Houses | Find this weekend's open house listings.  Or search by location: |
- Suspect in officer's slaying shot by police
- Suspect shot as city mourns slain officer
- Flags were key link to cop slaying, bombings
- Mourners gather at KeyArena for slain officer's memorial
- Briefs | Soccer: New Mexico suspends hair-pulling player Elizabeth Lambert
- McGinn pulling away as late ballots come in
- Thunder and lightning again lighting up sky
- Datsun 210 sought in police shooting
- Voters expand same-sex rights
- Details emerge about Fort Hood suspect's history
- UCLA game thread
934 - Suspect shot as city mourns slain officer 389
- Weapons, bomb-making materials found in suspect's apartment 304
- Troubling portrait emerges of Fort Hood suspect 282
- McGinn widens lead over Mallahan in Seattle mayoral race 178
- Decision day for health care in the House 117
- Schools emerge as new tactic in gay marriage votes 97
- Huskies suffer another heartbreaking loss to UCLA 79
- Referendum 71 show's Washington's strategy for marriage equality is working 69
- Using anti-shooter tactics, civilian Army police officer brought down gunman 69
- Suspect shot as city mourns slain officer
- Recipe: Penne with Smoked Turkey Sausage
- Suspect in officer's slaying shot by police
- Flags were key link to cop slaying, bombings
- Nancy Leson | An elegant offshoot of Seattle's Wild Ginger in Bellevue
- Voters expand same-sex rights
- Shoreline man killed when struck by falling tree part
- Tim Lincecum charged with misdemeanor possession
- Green River Valley: Anxiety ebbs over flooding potential
- Do It in a Day | Spend a cozy, homey day in Edmonds
