Abbey increases market share by 16 per cent

  • Story by: Catherine Couch
  • Magazine: MortgageAdviser
  • Published Tuesday , April 29, 2008

Abbey increased its market share by an estimated 15.9 per cent in the first quarter of 2008, according to its Q1 trading results released today.

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This is compared to 4.9 per cent growth in market share over the same period in 2007.

The lender has also reported an increase in gross mortgage lending of 18 per cent, with the average loan-to-value (LTV) for new business sitting at 66 per cent.

A statement from the lender said: "Since September 2006 we have been managing the profitability and margin of our mortgage business, carefully maintaining a balance between the profitability of new business, prudent lending criteria and our market share aspirations.

"We have not chased market share by writing unprofitable or higher risk business. This prudent strategy means we have been well placed to benefit from current market conditions.

"We have improved margins and our net lending share is above stock share."

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