UK building society reports 92% rise in mortgage lending

Nationwide, the UK's largest building society, has posted a 92.7% rise in net annual mortgage lending to £10.6bn (€15.5bn), but said the recent spate of interest rises had started to bite.

Nationwide, which is merging with Portman in what marks the biggest building society tie-up, said the four rate rises since last August were impacting on the housing market and would see a "cooling" in the second half of the year.