(Teleborsa) – The “impossible house” is the metaphor that continues to describe the reality of many Italians in a context in whichinflationwhich has been growing in recent years, has eroded the purchasing power of families. According to the 17th Housing Report 2024made by Nomisma with the support of Crif, circa three out of five families struggle to meet daily needs with an income that often remains insufficient or barely adequate. This difficulty is also reflected in the conditions for purchasing a house, which are increasingly complex, especially for larger households and single-person families.
The interest in purchasing a home remains high, but the real possibilities are more limited. While approximately three million families express their intention to purchase a home in the next year, there are only 980,000 who, according to Nomisma, have the necessary conditions to complete the purchasestill a high figure compared to the 700,000 home sales expected by the end of 2024. At the same time, the percentage of families who consider rent the only possible solution rose from 56% in 2023 to 59.3% this year. However, rentals exceeding six months have reduced, falling from 5% in 2023 to 3.3% in 2024, a lower level than before the pandemic.
Despite the difficulties, the desire for ownership remains strong among Italian families, who see the home not only as a place to live but also as an investment. However, when purchasing a house with mortgage, the percentage of those intending to use the loan fell from 77.9% in 2023 to 75.6% in 2024. In the first months of 2024, mortgage-financed sales contracted by 15.1%, and mortgage-free purchases also decreased slightly (-2.9%). Despite this initial decline, a reversal of trend was noted in the second quarter of 2024, with a slight increase in mortgage sales (+3.9%). The amounts for new mortgages, after a annual decline of 25.4% in 2023, saw a more limited reduction in 2024, with 19.8 billion euros disbursed in the first half of the year and an annual decline of -4.9%.
In this context, the However, families perceive a slight improvement in the conditions for accessing credit. The share of those who report difficulties in mortgage payments fell to 4.3%, compared to 6% in 2023 and 7.5% in 2022suggesting greater stability in household finances than in previous periods. However, the overall prospects are still uncertain: despite an improvement in job security and a greater willingness of banks to grant credit, Italians’ confidence regarding the country’s growth and the economic and social consequences of international conflicts remains low, accompanied by a judgment negative on the credibility of political parties.
(Photo: Tierra Mallorca on Unsplash)
