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Principality posts record £314m in new business

The Principality Building Society took a record £314m mortgage business in 1998, an 11 per cent increase on 1997.


Its total savings grew by 10 per cent to £182m. Pre-tax profits for the society increased to £16.5m from £15.8m.


Chief executive John Mitchell says: &#34We are particularly pleased with the 11 per cent increase in mortgage lending because most competitors found 1998 very difficult and land registry figures show that house prices fell by 5 per cent in Wales during the year.&#34

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