Lloyds Banking Group claims 30% of UK mortgage market

The Council of Mortgage Lenders has named Lloyds Banking Group as the top mortgage lender for 2008, by market share.

The body explains that its data assumes the merger of Lloyds TSB and HBOS took place earlier than it did in fact, to allow for a sound comparison.

On this basis, the group increased its share of the market to 30.3% last year, compared to 28.2% in 2007.

However, gross mortgage lending by Lloyds fell to £78 billion, down from £102.5 billion a year earlier.

Santander retained its position as the UK’s second-largest mortgage lender with 13.2% market share and Nationwide took third place once again, scooping 11.2% of the market.

Barclays came in fourth, jumping up one place and increasing its market share to 8.9%.

Northern Rock dropped from fourth to eleventh place, with gross mortgage lending plummeting to £2.9 billion in 2008, compared to £29.5 billion in 2007.

The bank’s market share dwindled to an estimated 1.1% compared with 8.1% in 2007.

Finally, gross lending by CML members totalled £261 billion last year, 28% below a 2007 peak of £364 billion.

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