mortgage bank Northern Rock said its strong mortgage lending looked set to continue for the rest of the year despite consumer confidence being dented by events in the US.
The former building society said it had maintained its buoyant performance in the third quarter of the year and mortgage inquiries were still good. In a trading statement, the bank said lower interest rates had helped maintain momentum in the housing market, though lower consumer confidence was likely to cause the rate of price increases to slow to more sustainable levels.
Tony Armstrong, a spokesman for the bank, said: "We expect there will be a slowdown in the property market, though we expected that to be the case prior to September 11.
"But even lower interest rates have buoyed the market and helped maintain affordability and stability."
The booming property market helped the group's total mortgage lending soar by 67 per cent during the three months to the end of September, compared to the same period the previous year.
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