He number of mortgages in Spain buy houses fell 10.3% in January in interannual rate, up to 33.128, which accumulated twelve consecutive months of decline, however, increased by 32.9% compared to Decemberaccording to data published by the National Institute of Statistics (INE).

The capital lent by the entities to constitute these loans amounts to 4,576.6 million, 12.7% less than in January 2023, while the average amount fell by 2.7%, to 138,149 euros. In the case of real estate loans made on housing, the average interest rate at which they were granted in January was 3.46%, the highest since December 2014, and the average duration was 24 years.

58.2% of loans were established at a fixed rate and 41.8% at a variable rate. Initially, the average interest rate was 3.24% for variable rate home loans and 3.64% for fixed rate mortgages. Changing conditions A total of 11,788 mortgage loans changed their conditions in the property registers, 5.8% less than in January 2023.

During the first month of 2024, there were 9,052 new items (modifications made with the same financial institution), an annual decrease of 12.2%. The number of entity change operations (creditor subrogations) increased by 34.4% to reach 2,307; and the hipotecas that changed to the title of the hipotecado property (subrogations al deudor) fell to 12.1%, to 429. Of the 11,788 hipotecas with changes in additional conditions, the 48.9% will be subject to modifications in the types of interest.

A change in the buyer profile

The director of Fotocasa studies, Maria Matosconsiders that over the last few months, a bifurcation has become apparent between the pace of purchases and that of mortgage loan applications.

While sales appear to be holding up due to the changing buyer profile, the mortgage company is more affected by the increased cost of financing, as approximately 40% of buyers are exploring new home purchasing arrangements. accommodation and do without it. the need for mortgage loans.

“One of the most significant changes brought about by this new monetary policy is the reduction in demand for housing compared to the usual buyer profile. Those taking out a mortgage to buy a home are declining, and those who do are applying for a much smaller loan.“, summary.

From idealista, the general manager of the mortgage sector, Juan Villenexplains that the January data peaks the adjustment experienced during 2023, with widespread declines in transaction volume, price increases and decreases in the average amount financed.

But the advanced indicators from the start of the year, he assures, allow us to dare that the worst is already in the rearview mirrorand little by little you will see how transactions enter positive territory, with lower rates and larger amounts financed.

The communities with the highest number of mortgages established on homes in January were Madrid (6.167), Andalusia (6,062) and Catalonia (5,927); and those to whom more capital was lent were the same: the The community of Madrid (1,086 million euros), Catalonia (963 million), and Andalusia (792 million). The only communities with positive annual rates of change in the number of mortgages were Madrid (13.2%), Galicia (9%) and Aragon (5.9%). On the contrary, the greatest drop was recorded in the Principality of Asturias (30.6%).

By wbu4c

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