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Virgin Money warns of housing ‘areas of weakness’

  • 26/07/2017
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Virgin Money warns of housing ‘areas of weakness’
Virgin Money has warned that while the housing market remains resilient, there are still “areas of weakness” which need to be navigated.

The lender announced its results for the first half of the year, with gross mortgage lending reaching £4.3bn – the same as the first half of 2016 – and net lending hitting £2.1bn, slightly down on last year’s figure of £2.2bn.

Virgin now boasts 3.5% market share.

Virgin pointed to the growth in new homes as an opportunity it planned to pursue, having this week announced its move into the custom-build sector alongside its existing new-build and shared ownership propositions.

It added: “We remain vigilant about the potential for certain regions to see house price weakness and will continue to manage this through strict application of our existing lending policies and risk appetite.”

Virgin reported a market share of 3.4% today with gross mortgage lending of £8.4bn in its 2016 full year results.
This represents steady growth from the £7.5bn completed in 2015 and £5.8bn in 2014.

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