Nationwide’s market share falls

Nationwide has denied losing its grip on the mortgage market after its half-yearly results revealed its share of the net market dropped by 5.4%.

The society’s half yearly results show an 8.3% share of the net mortgage market for the period April to September 2005, down from 13.7% in 2004. It also had a reduced share of the remortgage market, down from 10.8% in 2004 to 8.2%.

A spokesman for Nationwide says: “We are comfortable with the results which, though slightly below our par share of 9%, show we’re not chasing market share at the expense of lending policy.”

He adds the society doesn’t plan to up the ante and claim back its lost market share but will instead concentrate on maintaining business performance to get share levels closer to its 9% par.