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David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with...
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Tuesday 29th July 2008
While many of the UK’s main mortgage providers continue to suffer, in relative terms it is Abbey which is proving to be the star of the show. Assisted by the substantial backing of parent company Santander the UK giant has forged ahead to take number one spot in the new mortgage market with a 26% share. The move has seen the group take over from HBOS at the top of the table as rumours continue to suggest that HBOS may soon be the subject of a bid approach.
Santander has been very active in the UK market of late, recently agreeing to acquire Alliance and Leicester in a £1.3 billion deal. This will further strengthen the position of the group in the UK with suggestions that the operation will be rebranded as part of Abbey in due course. Indeed the acquisition of Abbey has proved very successful with the group contributing profits of £485 million to its parent in the first 6 months of the year (a 20% rise on the corresponding period).
Even though activity levels are substantially down on last years highs there is still strong underlying competition in the sector. Abbey has stolen a march in recent months but whether it can retain this position in the longer term remains to be seen. |
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