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Nationwide’s gross mortgage lending comes to £26.3bn in 2023

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  • 23/05/2024
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Nationwide’s gross mortgage lending comes to £26.3bn in 2023
Nationwide’s total gross mortgage lending for 2023 stood at £26.3bn, a decrease from £33.6bn in the prior year.

According to Nationwide’s latest financial report, which covers the year ended 4 April 2024, this fall in gross mortgage lending was due to “subdued market growth”, while its market share rose to 11.5%, a rise from 10.8% in the year prior.

Mortgage balances increased to £204.5bn, up from £201.7bn the year before, and its market share of balances came to 12.3%.

The lender said that it had supported 64,000 first-time buyers, which is slightly down from 72,000 in the same period last year.

Credit impairment charges decreased to £112m, a fall from £126m, while mortgage arrears have remained low at 0.41%, but risen gradually during the year from 0.32%.

Nationwide’s underlying profit before tax came to around £2bn, which compares to £2.2bn in the same period the year before.

The report said that there are “signs that the housing market is stabilising, with annual house price growth returning to positive territory at the start of 2024”.

“Activity is likely to remain subdued in the near term as affordability pressures persist, although these should ease over time, providing income growth remains solid and mortgage rates moderate somewhat over time,” it noted.

Debbie Crosbie, chief executive of Nationwide Building Society, said: “We have made excellent progress in delivering our new strategy. We delivered our highest ever member value, and our strong financial performance means we can extend the ways that members benefit from our success.

“We provide our members and customers with great-value products, choice in the way they bank with us, and simply brilliant service. We have been first for customer satisfaction among our peer group for 12 years running and have continued to grow our deposit and mortgage balances.

“In March 2024, we confirmed our offer to buy Virgin Money. I believe this deal offers an exciting opportunity to create a more diverse business that delivers even more value to our members and will strengthen Nationwide financially. We continue to make good progress on our plans and expect to complete the acquisition in Q4 2024, subject to regulatory approval.”

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