First-time home buyers on the rise.
First-time buyers are returning to the UK housing market, the mortgage bank Northern Rock reported today as it said it was on target to make a £352m profit this year.
Britain's eighth biggest listed bank said it was comfortable with the consensus forecasts, up 14% from last year.
Northern Rock, which has been consistently profitable by concentrating on low-risk, low-cost mortgages, said there had been a "small but encouraging increase" in the number of first-time buyers returning to the housing market at the end of last year and the beginning of 2006.
UK first-time buyers are on the increase once more, so reported the mortgage bank Northern Rock reported today, on target this year to make £352m profit.
Northern Rock has always been profitable due to its concentration on low-risk, inexpensive mortgages. It says that there has been a slight increase in first-time buyers coming back to the housing market at the tail end of 2005 and towards the beginning of 2006.
This slight upturn is expected to continue increasing.
Northern Rock forecast that the UK gross mortgage market is likely to grow to £300bn in 2006, compared to £288bn in 2005.
Northern Rock's mortgage market share rose to 8.1% in 2005 from 6.8% in 2004.
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