Northern Rock expects mortgage market to expand

Northern Rock seem to be very upbeat with the rate in which the mortgage market is expanded, and still expects to see increase throughout 2007 even though the UK has seen a number of interest rates rises over recent months, and this is still set to increase over the coming months.

Last year the gross mortgage lending in the UK hit £345bn, but Northern Rock expects to see this rise to £360bn in 2007. Northern Rock also expects to see the current trend of house price rises to continue and that it will rise in line with earnings growth.

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