Northern Rock has 7% of the UK mortgage market
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Northern Rock has said it expects the UK mortgage market to continue to expand in 2007, despite the recent increases to interest rates.
The bank predicts that industry-wide UK gross mortgage lending will rise to £360bn this year, from £345bn in 2006.
It expects house prices to continue to rise in line with the rate of earnings growth, with interest rates still low by historical standards.
Northern Rock said it traded strongly in the three months to 31 March.
It said its net lending rose by 34% during the quarter.
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