The mortgage firm in the Canary Islands resists in October, except for the general decline in the country

Canary Islands and Castilla-La Mancha were the only autonomous communities in which mortgages increased on housing last October, according to provisional data released this Monday by the College of Registrars.

In the Canary Islands they increased by 3.5% compared to October 2022 and in Castilla-La Mancha by 4.4%, while the most notable declines were recorded in Melilla (-52.7%), Asturias (-41.2 %), Aragón (-41.1%), Cantabria (-38.4%) or Madrid (-36.8%). In the case of Catalonia the cut was 12.8%.

At the national level, registered home sales fell by 11.4% in October, while mortgages established for the purchase of a home fell even further, by 22.4% year-on-year.

Specifically, in October there were 44,454 registered sales and purchases, which represents a decrease of around 5,700 compared to those registered in the same period of the previous year after the impact that the successive increases in interest rates have had on the real estate market. interest, which have led to an increase in the cost of financing.

In the case of registered home mortgages, the drop has been almost 9,000 operations, going from 39,743 the previous year to 30,850 last October.

By autonomous community, the largest decreases in registered sales occurred in the Balearic Islands (-29.8%), Melilla (-28.8%), Cantabria (-25.4%) or Andalusia (-18.8%). In Catalonia, for its part, they fell by 11.4% and in Madrid by 9%. There were only increases in Navarra (10.8%); Asturias (7.5%); Murcia (3.6%) and Castilla-La Mancha (3.1%).

Analyzing the total sales and purchases, not just those of housing, the drop in October stands at 6.7% year-on-year with 86,269 transactions.

On the contrary, in the case of mortgages the total drop is greater than in housing mortgages, with a cut of 23.4% and 40,266 registered.

The registrars recall that since June 2022 there has been a slowdown in the number of sales, which was preceded by significant sustained annual growth. Starting in July of this year, the declines intensified, reaching the largest drop in the period analyzed in September (-20.6%).

Looking at the mortgages established, a downward trend similar to sales and purchases can be seen until December 2022, having shown more intense falls during 2023 as a consequence of the increases in interest rates. In fact, total mortgages have already accumulated nine consecutive months of decline.