On the 14th, Beijing and Shanghai respectively reduced the down payment ratio for home purchases, lowered housing loan interest rates, and adjusted ordinary housing standards. So far, the four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen have adjusted and optimized their property market control policies. What signals will be released by policy adjustments such as down payment reduction, interest rate reduction, and tax reduction? What changes will it bring to the market?
Simultaneous adjustments and optimization in Beijing and Shanghai
After Guangzhou and Shenzhen adjusted and optimized property market regulation and introduced policies such as the 40% down payment ratio for second homes, on December 14, Beijing and Shanghai adjusted and optimized property market regulation policies on the same day, reducing down payments, interest rates, taxes, etc. to adapt to The new situation of major changes in the supply and demand relationship in the real estate market has better met residents’ rigid and improved housing needs.
Beijing and Shanghai have simultaneously lowered the down payment ratio for first and second homes, with the lower limit of down payment ratio for first homes uniformly reduced to 30%. Differentiated policies will be implemented for second homes in each zone. The down payment ratio is 50% in key areas and 40% in other areas.
Moreover, both Beijing and Shanghai have lowered the lower limit of commercial personal housing loan interest rates. This adjustment in Beijing also canceled the strict control over the mortgage loan period during the period when housing prices rose too fast, restoring the maximum period from 25 years to 30 years.
At the same time, Beijing and Shanghai have also optimized the identification standards for ordinary housing, so that more houses can be included in the scope of ordinary housing, so that more families can enjoy preferential tax policies when transferring housing. After the adjustment, the proportion of ordinary residences in Beijing has increased to about 70%, and the proportion of ordinary residences in Shanghai has exceeded 80%.
Li Yujia, chief researcher of the Guangdong Provincial Housing Policy Research Center, said that adjusting and optimizing property market control policies and lowering the threshold for home purchase will help promote recovery from the demand side, promote the real estate transaction cycle, restore the self-generating function of real estate companies, and ease the tight capital chain of developers. To achieve the dual purpose of preventing risks and stabilizing growth.
Conducive to releasing demand for home purchases
After the introduction of the new policy, many home buyers have felt the benefits brought by the lowering of the threshold for home purchase.
“After the policy came out, I have followed several video accounts for selling houses, and I have been watching them all night.” Ms. Gao, a Beijing resident, said. She has been wanting to buy an improved house with a larger area in recent years, but she does not want to sell her existing house. She has been unable to do so because she does not have enough funds on hand to pay the 80% down payment. Nowadays, the minimum down payment ratio for a second home is only 40%, and the adjustment of ordinary residential standards can also reduce transaction taxes, which makes Ms. Gao feel that “this time she can get it.”
Xu Xiaole, chief analyst of the Shell Research Institute, said that the decline in down payment ratios for first and second homes has lowered the market entry threshold for first homes that are just in demand and second homes that are for improved housing. Mortgage interest rates have fallen, reducing monthly payment pressure. The standard for ordinary housing has been adjusted to expand the coverage of the tax incentives associated with it. All these have truly lowered the threshold and cost of home purchase, significantly reduced the burden, and helped release housing demand.
First-tier cities have adjusted and optimized property market control policies to help promote residential sales. On the night when the policy was released, many new projects in Shanghai took advantage of the opportunity to put up promotional posters, and some developers also launched a “No Closing Tonight” campaign to attract customers overnight.
Promote the stable and healthy development of the real estate market
Industry insiders believe that the adjustment and optimization of property market control policies in first-tier cities will help further release demand for home purchases, stabilize expectations, boost confidence, and promote the stable and healthy development of the real estate market.
Xu Xiaole said that judging from the market effects of down payment reductions and mortgage interest rate reductions in Guangzhou and Shenzhen, the Beijing and Shanghai down payment reduction policies combined with the September “recognize a house but not subscribe for a loan” policy will promote the entry of demand for home purchases into the market. The four first-tier cities have issued policies to adjust and optimize property market regulation. The new policies have brought about the guidance of “lowering thresholds” and “reducing taxes and fees”, which is good for stabilizing expectations.
Shenzhen’s new policy has been implemented for three weeks, and the market is showing a steady and progressive trend. Monitoring data from Leyoujia Research Center shows that Shenzhen has implemented adjustment and optimization of the property market control policy since November 23, which has a certain stimulating effect on the restoration of market confidence. The market is stable and rising: Shenzhen’s second-hand housing sales increased by more than 10%; owners The mentality is more rational; the online signing volume of second-hand houses in Shenzhen has exceeded 1,000 units for two consecutive weeks. After the second-hand house transaction volume of Leyoujia Shenzhen stores increased month-on-month, it stabilized at a high level in the second half of the year.
Source: Xinhua News Agency
Editor: Wang Liwen
2023-12-16 22:41:22
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