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Mortgages booming

Date: 01 Feb 05

New mortgages are driving profits at top lenders.

Despite worries about the housing market, it seems plenty of people are buying new homes.

Skipton Building Society announced record profits of £79.7 million today driven by demand for mortgages.

Meanwhile Skipton's estate agency business Connells increased profits by 50 per cent to £30 million thanks to the buoyant property market.

Skipton chief executive and director John Goodfellow, commented "The housing market has been key to the Group's success in 2004."

However he urged caution, explaining that the housing market has displayed signs of a slowdown.

"Maintaining this success will be a challenge; these figures are abnormally good for the sector and with a quieter housing market already in existence, 2005 will be more challenging than 2004," Mr Goodfellow warned.

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