Nationwide Warns Of More Housing Gloom
Britain's biggest building society, the Nationwide, says it expects house prices to continue to fall in 2009/10.
Its comments came as it said underlying pre-tax profits for the six months to 30 September were down 18% to £322m.
The society's mortgage lending to homebuyers slid almost 17 per cent to £10.9 billion during the same period. Its net residential lending volumes crumbled from £3.6 billion to £1 billion.
Its bad debts rose to £74m, up from £62m last year, as borrowers struggled with their repayments.
Unlike some other high street lenders, Nationwide is passing on the benefits of last week's 1.5% cut in base rates onto its customers.
Its comments came as it said underlying pre-tax profits for the six months to 30 September were down 18% to £322m.
The society's mortgage lending to homebuyers slid almost 17 per cent to £10.9 billion during the same period. Its net residential lending volumes crumbled from £3.6 billion to £1 billion.
Its bad debts rose to £74m, up from £62m last year, as borrowers struggled with their repayments.
Unlike some other high street lenders, Nationwide is passing on the benefits of last week's 1.5% cut in base rates onto its customers.
