November 21, 2018 / 7:47 AM / a year ago

UK lender Paragon looking hard at property prices ahead of Brexit

Nov 21 (Reuters) - Paragon Banking Group said it was looking at property values to lessen any blow the lending market might take as Britain moves out of the European Union.

Paragon, which was founded in 1985, said it had employed an in-house property team to look after about two-thirds of valuations and conduct “validation work” on property valuations by third-party surveyors.

“The impact of a potential economic downturn, whether as a result of the Brexit process or otherwise, remains an area of focus across all lending markets,” the company said in a statement.

Paragon also reported a 7.8 percent rise in underlying pretax profit at 156.5 million pounds ($200.35 million) for the year ended Sept. 30, driven by lending growth. ($1 = 0.7811 pounds) (Reporting by Noor Zainab Hussain and Adil Bhat in Bengaluru; Editing by Gopakumar Warrier)

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