Principality’s mortgage lending down 4% in 2011
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Principality’s gross mortgage lending fell by 4% in the first six months of this year, compared to the first half of 2010.
In its financial results for the first six months of the year, the Welsh building society reported lending of £456.2m for the first half of this year, compared to £475.6 for the same period in 2010.
The lender also announced a pre-tax profit of £14.8m, and overall balance sheet impairment provisions of £59.6m.
Peter Griffiths, group chief executive at Principality, says: “Principality continues to prosper in a difficult marketplace and has once again delivered a very robust set of results, demonstrating its resilience in an environment where wider economic challenges dominate the current agenda.”
The society says that overall returns on its lending books are improving and impairment remains at acceptable levels with arrears and houses in possession at lower levels than 12 months ago.
Griffiths says that while growth in the mortgage sector continues to be constrained due to current market and regulatory pressures, the society remains ever conscious of the impact of tight lending conditions on home ownership aspirations.
He adds: “The society continues to seek to deliver new housing solutions for its Welsh-based members, believing passionately that an innovative approach to housing solutions in Wales will help drive the economic and social agendas.”
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