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European Mortgage Markets: Opportunities for Australian Lenders

Product Type: Market Research Report
Published by: Datamonitor
Published: January 2004
Product Code: R313-6380
Description
Introduction
Europe has an array of diverse mortgage markets. Any Australian company planning to enter a European mortgage market must therefore do so having investigated the size of the market, its competitive and regulatory environment and projected future growth. Providing information on these topics and more, European Mortgage Markets is invaluable for companies wanting to know about this sector.

Scope
Features market sizing and forecasts of gross advances to 2007 helping you to plan ahead.

There are eight country specific chapters on France, Germany, Ireland, Italy, Netherlands, Spain, Sweden and the UK.

· Includes competitor information and eight individual company profiles helping you to understand the competitive environment in these countries,

Report Highlights
Ireland remains a small but vibrant mortgage market and although Datamonitor predicts the market’s growth to slow over the next five years, relative to other European markets it will continue to grow strongly.

The UK market boasts a large number of well-positioned small lenders that would be valuable acquisitions if the opportunity arose. Many of these lenders operate in specialist markets such as buy-to-let or self-certification and their acquisition could therefore stimulate the development of these markets within Australia

· A number of foreign players are already active in the Spanish mortgage market servicing the demand for property among non-Spanish buyers. Property demand from these buyers who often come from the UK, Germany and the Netherlands will remain strong. However, it is often channeled through intermediaries based in buyers’ home country.

Reasons to Purchase
Market sizing and forecasts will allow you to compare the past, present and future of European mortgage markets relative to the market in Australia.

Competitor information will help identify potential acquisition targets.

Discussion of opportunities in mortgage markets in Eastern Europe draws attention to newly emerging markets that are now among the most dynamic

Table of Contents
ABOUT DATAMONITOR 2

CHAPTER 1 EXECUTIVE SUMMARY 3

Australian and European Mortgage Markets Compared 3

Interest rates are low in Australia and across Europe 3

The level of owner occupation in Australia is equal to the European average 5

European mortgage market gross advances amounted to EUR 773.4 billion at the end of 2002 7

Australian house price increases have matched those in the European hot spots 8

Developments in the European mortgage bond market 10

Country specific chapters 10

The amendment of the Mortgage Bank Act, 2002 11

Accounting for the Spanish house price boom 12

Competitor profile: Rabobank 13

A brief history of Rabobank 13

Rabobank has a 24 per cent share of the Dutch mortgage market 16

A SWOT analysis of Rabobank 17

Forecast of gross advances in the Swedish mortgage market, 2003-2007 19

Market entry opportunities 21

Future Opportunities in European Mortgage Markets 22

The fastest growing markets will remain so over the next five years although growth rates will be lower across the board 22

Competitive intensity has increased confirming optimism about the future of mortgage markets in the transition economies 24

CHAPTER 2 INTRODUCTION 48

What is this report about? 48

Who is the target reader? 48

How to use this report 49

Scope 50

Related reports 50

CHAPTER 3 AUSTRALIAN AND EUROPEAN MORTGAGE MARKETS COMPARED 52

Macroeconomic conditions 52

Unemployment has fallen in most countries 52

Interest rates are low in Australia and across Europe 57

Australia is enjoying faster GDP growth than many European countries 61

The composition of housing stock 63

Australia has a higher number of persons per dwelling than countries in Europe 63

The level of owner occupation in Australia is equal to the European average 66

Lending figures 70

Total lending commitments have risen rapidly 71

European mortgage market gross advances amounted to EUR 773.4 billion during 2002 74

European mortgage market balances outstanding stood at EUR 3,702 billion at the end of 2002 77

Mortgage balances outstanding as a percentage of GDP vary widely within Europe 79

The number of residential mortgage loans advanced in Europe surpassed 3.1 million in 2002 82

House prices 84

Australian house price increases have matched those in the European hot spots 85

Product availability 90

A wide array of products is available in the Australian mortgage market 91

Product availability is generally poorer in Europe…although the UK is an exception 92

Conclusion 95

The Australian economic environment is now more uncertain 95

Expertise gained domestically will be an asset overseas 96

CHAPTER 4 KEY ISSUES IN EUROPEAN MORTGAGE MARKETS 97

Mortgage product trends within Europe 97

Variable and fixed rate mortgage products vary in popularity within Europe 97

The changing face of mortgage funding in Europe 103

Explaining the ways that mortgage lending is funded 103

Developments in the mortgage bond market 107

Regulation of European mortgage markets 108

Basel II: big changes on the horizon in 2006 108

European Code of Conduct on Home Loans 112

Mortgage distribution channels 114

Branches remain the most important mortgage distribution channel 114

Conclusion 118

CHAPTER 5 THE FRENCH MORTGAGE MARKET 120

Summary of key issues 120

State involvement is significant in the French property market 123

Competitor profile: Crédit Agricole 124

A brief history of Crédit Agricole 124

A leader in the French mortgage market 127

La Poste: a new competitive threat to Crédit Agricole 131

A SWOT analysis of Crédit Agricole 132

Forecast of gross advances in the French mortgage market, 2003-2007 134

Economic difficulties will harm the mortgage market 134

Market entry opportunities 137

CHAPTER 6 THE GERMAN MORTGAGE MARKET 138

Summary of key issues 138

The low level of homeownership: a restriction on the German mortgage market 141

Regulation 143

The amendment of the Mortgage Bank Act, 2002 144

Competitive profile: BHW 145

The Bauspar system explained 145

A brief history of BHW 149

Although Bauspar is still its primary product, BHW has undertaken a major shift in focus over the last few years 152

A SWOT analysis of BHW 154

Forecast of gross advances in the German mortgage market, 2003-2007 156

A higher level of homeownership will boost the mortgage market but only over the long-term 156

Market entry opportunities 159

CHAPTER 7 THE IRISH MORTGAGE MARKET 160

Summary of key issues 160

Irish house prices have rocketed 163

Regulation 166

The introduction of the Pfandbrief concept into Ireland 166

Recent developments in Irish housing policy 166

Competitor profile: First Active 168

A brief history of First Active 168

First Active is the fourth largest mortgage lender in Ireland 171

First Active brings the current account mortgage comes to Ireland 174

A SWOT analysis of First Active 176

Forecast of gross advances in the Irish mortgage market, 2003-2007 178

Affordability constraints will hinder the market’s growth 178

Market entry opportunities 181

CHAPTER 8 THE ITALIAN MORTGAGE MARKET 182

Summary of key issues 182

The ever-growing Italian owner occupied sector 185

Regulation 187

The Banking Law 187

Competitor profile: Banca Woolwich 187

A brief history of Banca Woolwich 187

Banca Woolwich has become a significant force in the Italian mortgage market 188

A SWOT analysis of Banca Woolwich 194

Forecast of gross advances in the Italian mortgage market, 2003-2007 196

The increasing propensity for Italians to borrow will fuel a growing mortgage market 196

Market entry opportunities 199

CHAPTER 9 THE DUTCH MORTGAGE MARKET 200

Summary of key issues 200

Following several ‘hot’ years Dutch price increases have now slowed 203

Creating a favorable environment for Dutch home buyers 205

Regulation 206

The 2001 income tax reforms: affecting second home owners 207

Competitor profile: Rabobank 207

A brief history of Rabobank 207

Rabobank has a 24 per cent share of the Dutch mortgage market 211

A SWOT analysis of Rabobank 213

Forecast of gross advances in the Dutch mortgage market, 2003-2007 215

The increasing level of owner occupation and steadily increasing house prices will account for rising gross advances 215

Market entry opportunities 218

CHAPTER 10 THE SPANISH MORTGAGE MARKET 219

Summary of key issues 219

Accounting for the Spanish house price boom 222

Regulation 225

Improving the position of the cajas 225

Competitor profile: Banco Popular 227

A brief history of Banco Popular 227

Banco Popular has increased its presence in Spain 227

Banco Popular is relatively well positioned across its product portfolio 229

Banco Popular’s expansion into Portugal: examining the motives and the likely outcomes 233

A SWOT analysis of Banco Popular 235

Forecast of gross advances in the Spanish mortgage market, 2003-2007 236

Growth will remain strong in the Spanish market 236

Market entry opportunities 239

CHAPTER 11 THE SWEDISH MORTGAGE MARKET 240

Summary of key issues 240

A low level of construction is constraining the Swedish mortgage market 243

Regulation 245

Bringing the Swedish covered bond market into line with those elsewhere in Europe 245

Competitor profile: Spintab 246

A brief history of Spintab 246

Maintaining operating profits despite falling staff numbers 248

A diversified distribution network 249

Taking top spot in the mortgage market 250

A SWOT analysis of Spintab 253

Forecast of gross advances in the Swedish mortgage market, 2003-2007 255

The economy’s reaction to the rejection of the euro is key 255

Market entry opportunities 258

CHAPTER 12 THE UK MORTGAGE MARKET 259

Summary of key issues 259

UK house prices have exploded 263

Regulation 269

The FSA has a new regulatory remit 269

Competitor profile: Northern Rock 271

A brief history of Northern Rock 271

Northern Rock: a small but successful mortgage lender 273

Accounting for Northern Rock’s success 277

A SWOT analysis of Northern Rock 282

Forecast of gross advances in the UK mortgage market, 2003-2007 284

Higher interest rates will make it a different environment over the next five years 284

Market entry opportunities 287

CHAPTER 13 FUTURE OPPORTUNITIES IN EUROPEAN MORTGAGE MARKETS 289

Conclusions from the market forecasts 289

The changing dynamics of the forecast markets 289

Slower growth will result in a new business environment over the next five years 293

Newly emerging European mortgage markets 294

Market conditions are now improving 295

Mortgage markets have benefited as countries have prepared for EU membership 297

CHAPTER 14 APPENDIX 301

Supplementary data 301

Underlying drivers of European Mortgage Markets 301

Key Issues in European Mortgage Markets 304

Country specific chapters 305

Definitions 309

Research methodology 312

Forecasting methodology 312

Bibliography 313

Relevant Datamonitor publications 313

Reports 313

Briefings 314

Future Datamonitor Publications 315

Relevant links 315

Europe wide associations and organizations 316

Country specific associations and organizations 316

Lenders 318

Datamonitor custom research capabilities 321

SPP writing team 323

How to contact experts in your industry 323





LIST OF TABLES

Table 1: The proportion of the dwelling stock in owner occupation in Australia 5

Table 2: Countries and competitors covered in chapters five to twelve 11

Table 3: Key measures of Rabobank’s membership and branch infrastructure 15

Table 4: Countries and competitors covered in chapters five to twelve 50

Table 5: Unemployment as a percentage of the economically active population in Europe, 1993-1997 56

Table 6: Unemployment as a percentage of the economically active population in Europe, 1998-2002 57

Table 7: Eurozone interest rates since the introduction of the single currency on January 1st 1999 59

Table 8: Real GDP growth rate in European countries, 2000-2002 62

Table 9: Average number of persons per dwelling in Australia, 2001 65

Table 10: The average number of persons per dwelling in Europe, 2001 65

Table 11: The proportion of the dwelling stock in owner occupation in Australia 66

Table 12: Percentage of dwelling stock that is in owner occupation within Europe 69

Table 13: Lending commitments in the Australian mortgage market, 1998-2003 H1 72

Table 14: European mortgage market gross advances, 1998-2002 76

Table 15: Total lending commitments in the Australian mortgage market, 2002 77

Table 16: European mortgage market balances outstanding, 1998-2002 79

Table 17: Residential mortgage balances outstanding as a percentage of GDP in Europe 82

Table 18: The number of mortgage loans advanced against residential property, 1998-2002 84

Table 19: Indexed European house price trends, 1998-2002 88

Table 20: The varying popularity of variable, short-term fixed and long-term fixed rate mortgage products within selected countries in Europe 100

Table 21: The timescale for the introduction of Basel II within the European Union 110

Table 22: Countries that had achieved 100 per cent implementation of the European Code of Conduct on Home Loans by the end of 2002 113

Table 23: Number of branches in Europe, 2002-2005f 118

Table 24: French mortgage market fact sheet 122

Table 25: French mortgage market fact sheet continued 123

Table 26: Balances outstanding for the five largest lenders in the French mortgage market, 2002 129

Table 27: Forecast gross advances in the French mortgage market, 2003e-2007f 136

Table 28: German mortgage market fact sheet 140

Table 29: German mortgage market fact sheet continued 141

Table 30: Private Bausparkassen in Germany 147

Table 31: Public Bausparkassen in Germany 148

Table 32: Value of new Bauspar savings deposits by private Bausparkasse, 2002 151

Table 33: Forecast of gross advances in the German mortgage market, 2003e-2007f 158

Table 34: Irish mortgage market fact sheet 162

Table 35: Irish mortgage market fact sheet continued 163

Table 36: The percentage of houses priced at more than EUR 200,000 in Dublin and Ireland 165

Table 37: The demutualization of First National Building Society in 1998 was one of a number of demutualizations that have occurred in Ireland since the early 1990s 169

Table 38: Balances outstanding for the five largest lenders in the Irish mortgage market, 2002 173

Table 39: Forecast of gross advances in the Irish mortgage market, 2003e-2007f 180

Table 40: Italian mortgage market fact sheet 184

Table 41: Italian mortgage market fact sheet continued 185

Table 42: Balances outstanding for the six largest lenders in the Italian mortgage market, 2002 192

Table 43: Forecast of gross advances in the Italian mortgage market, 2003e-2007f 198

Table 44: Dutch mortgage market fact sheet 202

Table 45: Dutch mortgage market fact sheet continued 203

Table 46: Average property prices in the Netherlands, 1998-2002 204

Table 47: Key measures of Rabobank’s membership and branch infrastructure, 1998- 2003 H1 210

Table 48: Balances outstanding for the largest five lenders in the Dutch mortgage market, 2002 211

Table 49: Forecast of gross advances in the Dutch mortgage market, 2003e-2007f 217

Table 50: Spanish mortgage market fact sheet 221

Table 51: Spanish mortgage market fact sheet continued 222

Table 52: Nominal and real mortgage rates in Europe, Q3 2002 225

Table 53: The five largest lenders in the Spanish mortgage market, 2002 231

Table 54: Forecast gross advances in the Spanish mortgage market, 2003e-2007f 238

Table 55: Swedish mortgage market fact sheet 242

Table 56: Swedish mortgage market fact sheet 243

Table 57: FöreningsSparbanken, Spintab’s parent, is one of the major banking groups in Sweden 247

Table 58: Mortgage credit institutions in Sweden and their ownership 248

Table 59: Spintab’s distribution network 250

Table 60: Balances outstanding for the five largest mortgage credit institutions in Sweden, 2002 252

Table 61: Forecast of gross advances in the Swedish mortgage market, 2003e-2007f 257

Table 62: UK mortgage market fact sheet 262

Table 63: UK mortgage market fact sheet continued 263

Table 64: UK monthly house price increases according to Halifax, 2000-2003 266

Table 65: Housing transactions and the transaction costs associated with moving home in Europe 269

Table 66: Northern Rock’s branch network, 1998-2002 273

Table 67: Balances outstanding for the seven largest lenders in the UK mortgage market, 2002 275

Table 68: Market share of Northern Rock and the five largest UK mortgage lenders, 1998-2002 276

Table 69: Forecast of gross advances in the UK mortgage market, 2003e-2007f 286

Table 73: Forecasts of gross advances in eight European mortgage markets, 2003e-2007f 292

Table 1: Share of gross advances in the eight forecast mortgage markets, 2003e-2007f 292

Table 72: New member states and applicant countries to join the European Union 298

Table 73: Changes in the Swedish base rate since January 1999 301

Table 74: Changes in the Danish base rate since January 1999 302

Table 75: Changes in the UK base rate since January 1999 303

Table 76: Percentage share of total European gross advances by country, 1998-2002 304

Table 77: Percentage share of total European balances outstanding by country, 1998-2002 305

Table 78: Exchange rates applied in the UK and Sweden country specific chapters 305

Table 79: Balances outstanding and market share for the 30 largest lenders in the UK mortgage market, 2002 306

Table 80: Indexed mortgage balances outstanding by competitor in the UK mortgage market, 1998-2002 307

Table 81: Additional competitor balances outstanding data not presented in chapter eight and eleven 307

Table 82: Competitor information for markets not covered in chapters five to twelve 308





LIST OF FIGURES

Figure 1: The Australian cash rate has fallen significantly over the last decade 4

Figure 2: Three countries in Europe have 80 per cent or more of their dwelling stock in owner occupation while a further five have less than 60 per cent of dwellings in this form of tenure 7

Figure 3: In 2002 mortgage market gross advances in the UK accounted for more than 40 per cent of the European total 8

Figure 4: At the end of the second quarter of 2003 the Australian house price index for an established house surpassed 224 index points 9

Figure 5: At the end of the first half of 2003 Rabobank’s total assets stood at more than EUR 400 billion 14

Figure 6: Rabobank has decreased its number of member banks despite a more than 100 per cent increase in its number of members 15

Figure 7: A SWOT analysis of Rabobank 19

Figure 8: Gross advances in the Swedish mortgage market will increase at a compound annual growth of 3.3 per cent between 2003 and 2007 and amount to EUR 28.1 billion by the end of the period 21

Figure 9: Over the next five years the UK will remain the largest mortgage market in Europe judged in terms of gross advances. However, it will no longer be the fastest growing 23

Figure 10: Unemployment in Australia has been on a downward trend since 1993 52

Figure 11: With the exception of Germany, unemployment as a percentage of the economically active population in the five major European economies has fallen over the last decade 54

Figure 12: The Australian cash rate has fallen significantly over the last decade 57

Figure 13: The eurozone rate and the Bank of England base rate remain low. However, at times since 1999 there has been a large differential between them 59

Figure 14: The average number of persons per dwelling in Australia is higher than in Europe 63

Figure 15: Three countries in Europe have 80 per cent or more of their dwelling stock in owner occupation while a further five have less than 60 per cent of dwellings in this form of tenure 67

Figure 16: Total lending commitments in Australia have increased rapidly due to the number of investors purchasing property and the popularity of making home improvements 71

Figure 17: Buy-to-let gross advances and balances outstanding have increased dramatically since 1999 with the latter reaching £24.2 billion in 2002 73

Figure 18: In 2002 mortgage market gross advances in the UK accounted for more than 40 per cent of the European total 74

Figure 19: Balances outstanding in Germany at the end of 2002 were EUR 1068.7 billion, 28.9 per cent of total balances outstanding in Europe 77

Figure 20: In more than ten European countries mortgage balances outstanding are equivalent to less than 50 per cent of GDP 80

Figure 21: In the seven EU counties for which data is available more than 3.1 million mortgage loans were advanced in 2002 82

Figure 22: At the end of the second quarter of 2003 the Australian house price index for an established house surpassed 224 index points 84

Figure 23: The European house price ‘hot spots’ in recent years have been the Netherlands, Ireland, Spain and the UK 86

Figure 24: The median price of an Australian first home has increased by more than 59 per cent since 2001 88

Figure 25: Variable rate mortgage products are more popular in the UK than anywhere else in Europe. In contrast, in Germany long-term fixed rate products are the most common type of mortgage product 98

Figure 26: In contrast to most other economies in Europe, the UK has both a high penetration of variable rate mortgage loans and high mortgage balances outstanding relative to GDP 102

Figure 27: Using retail deposits is the most common way to fund mortgage lending in Europe 104

Figure 28: Explanation of the risk associated with the use of retail deposits to fund fixed rate mortgage lending 105

Figure 29: Germany accounts for more than 40 per cent of balances outstanding on mortgage bonds in Europe 106

Figure 30: According to the CML’s Annual Housing Finance Survey 2002, 79 per cent of mortgage holders in the UK arranged their current mortgage in a branch 115

Figure 31: Bank branch networks will continue to contract in the years to 2005 albeit not by as much as previously thought 116

Figure 32: Retail banking in France accounts for only 13 per cent of Crédit Agricole’s total number of employees 125

Figure 33: Crédit Agricole and the other four largest lenders in France hold more than 77 per cent of the French mortgage market 127

Figure 34: Mortgage lending is by far the most important type of lending engaged in by Crédit Agricole 129

Figure 35: A SWOT analysis of Crédit Agricole 133

Figure 36: Gross advances in the French mortgage market will increase at a compound annual growth rate of 2.9 per cent between 2003 and 2007 and amount to EUR 52.9 billion by the end of the period 135

Figure 37: BHW is the second largest Bausparkasse in Germany in 2002 based on new Bauspar savings deposits. However, it is some way behind BSH 149

Figure 38: Almost half of BHW’s residential lending book is now in the form of mortgage loans rather than in Bauspar loans 153

Figure 39: A SWOT analysis of BHW 155

Figure 40: Gross advances in the German mortgage market will increase at a compound annual growth rate of 1.1 per cent between 2003 and 2007 and amount to EUR 76.0 billion by the end of the period 157

Figure 41: The rapid increase in Irish house prices is reflected in the increasing percentage of Irish housing that is valued at more than EUR 200,000 163

Figure 42: The history of First Active in Ireland and the UK 169

Figure 43: First Active and the other four largest mortgage lenders in Ireland have a combined 77.1 per cent share of the Irish mortgage market 171

Figure 44: The contribution of residential lending to First Active’s loan book increased slightly between 2001 and 2002 173

Figure 45: A SWOT analysis of First Active 177

Figure 46: Gross advances in the Irish mortgage market will increase at a compound annual growth rate of 8.1 per cent between 2003 and 2007 and amount to EUR 18.2 billion by the end of the period 179

Figure 47: The size of the Italian owner occupied sector has increased by six per cent in under ten years to account for 80 per cent of dwellings in 2002 185

Figure 48: Banca Woolwich’s branch network is dwarfed by networks belonging to its larger competitors 187

Figure 49: With the exception of a slight dip in new business in 2002, Banca Woolwich has grown impressively over the last five years, 1998-2002 188

Figure 50: The top five lenders have a combined 42.7 per cent share of the Italian mortgage market. Banca Woolwich holds an additional 3.1 per cent share 190

Figure 51: 80 per cent of Banca Woolwich’s mortgage customers are introduced by its partners and intermediaries. Of these, Gabetti is by far the most significant 193

Figure 52: A SWOT analysis of Banca Woolwich 195

Figure 53: Gross advances in the Italian mortgage market will increase at a compound annual growth rate of 8.3 per cent between 2003 and 2007 and amount to EUR 78.6 billion by the end of the period 197

Figure 54: Dutch property price increases have slowed over the last two years 203

Figure 55: At the end of the first half of 2003 Rabobank’s total assets stood at more than EUR 400 billion 207

Figure 56: Rabobank has decreased its number of member banks despite a more than 100 per cent increase in its number of members 209

Figure 57: A SWOT analysis of Rabobank 214

Figure 58: Gross advances in the Dutch mortgage market will increase at a compound annual growth rate of 5.0 per cent between 2003 and 2007 and amount to EUR 127.9 billion by the end of the period 216

Figure 59: A low nominal mortgage rate and a relatively high rate of inflation combine to produce a low real mortgage rate in Spain 223

Figure 60: Banco Popular has grown its distribution network and increased its headcount over the last five years 227

Figure 61: Banco Popular and the other four largest lenders in Spain hold a combined 32.9 per cent share of the Spanish mortgage market 229

Figure 62: Boosted by the acquisition of the remaining share of Banco Popular Hipotecario (BPH), Banco Popular’s total loans and discounts during 2002 surpassed EUR 34 billion 231

Figure 63: Banco Popular has spread its lending across Spain thus minimizing its vulnerability to any regional fluctuation in the property market 232

Figure 64: A SWOT analysis of Banco Popular 235

Figure 65: Gross advances in the Spanish mortgage market will increase at a compound annual growth rate of 9.6 per cent between 2003 and 2007 and amount to EUR 112.1 billion by the end of the period 237

Figure 66: Though increasing the number of dwellings built per year in Sweden remains low 243

Figure 67: Significantly decreased staffing costs have contributed to stronger operating profit at Spintab 248

Figure 68: Spintab has a 30.1 per cent share of total lending by mortgage credit institutions in 2002 250

Figure 69: A SWOT analysis of Spintab 253

Figure 70: Gross advances in the Swedish mortgage market will increase at a compound annual growth of 3.3 per cent between 2003 and 2007 and amount to EUR 28.1 billion by the end of the period 256

Figure 71: UK house price increases have stabilized in 2003 although they remain fairly strong 264

Figure 72: Northern Rock is a great deal smaller than the big UK high street banks in terms of consolidated total assets, 2002 271

Figure 73: The top five lenders in the UK mortgage market have a combined 60.4 per cent market share. Northern Rock has a 4.5 per cent share 273

Figure 74: Northern Rock has grown faster than larger lenders in the UK mortgage market 275

Figure 75: Compared to the top five competitors in the UK mortgage market, Northern Rock’s cost to income ratio is exceptionally low, 2001-2002 279

Figure 76: In 2003 Northern Rock is fifth most commonly recommended mortgage lender by intermediaries having been third most commonly recommended in 2002 280

Figure 77: A SWOT analysis of Northern Rock 283

Figure 78: Gross advances in the UK mortgage market will increase at a compound annual growth rate of 6.0 per cent between 2003 and 2007 and will amount to EUR 527.2 billion in 2007 285

Figure 79: Over the next five years the UK will remain the largest mortgage market in Europe judged in terms of gross advances. However, it will no longer be the fastest growing 290

Figure 80: The research methodology used to produce European Mortgages 2003 311

Figure 81: Datamonitor’s core consulting capabilities 321
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