The current socioeconomic context, motivated by factors such as high inflation and the rise in interest rates to try to control their rise, has had a strong impact on the housing market, also in terms of the signing of mortgages for this sector. , where a brake has been suffered. In fact, the latest data from the National Statistics Institute (INE) reflect that the number of mortgages on homes plummeted by 17.8% in 2023, totaling 381,560 loans. This is, therefore, its lowest figure since 2020. This drop recorded last year was the most notable since 2013 (when there was a decrease of 27.1%). Now the home mortgage firm falls again after registering two years of growth, experiencing increases of 11% and 23.8% in the years 2022 and 2021, respectively. Furthermore, in these years the loans granted for housing exceeded the figure of 400,000.
With regard to 2023, the average value of mortgages constituted on homes increased by 2%, reaching 142,074 euros, compared to the decrease suffered by the capital lent, with a fall of 19.4%, placing it above the 54,209 million euros. This corresponds to the first drop of the year in the capital borrowed for the purchase of a home since 2013, when there was a decrease of 29.5%.
Regarding the average interest rate at the beginning of mortgages when purchasing a home, it stood at 3.12% last year. This represents the highest percentage since 2016, with a record of 2.86% in variable rate mortgages and 3.30% in fixed rate mortgages. In addition, the percentage of mortgages on homes at a fixed interest rate constituted 60% in 2023, which represents the lowest achieved since 2020. For its part, the percentage of mortgages at a variable rate increased to 40%, unlike the 29% marked in 2022 and 36.9% in 2021.
If we look by autonomous communities, those that accumulated the highest number of mortgages on homes in 2023 were Andalusia (78,047), Catalonia (65,470), Madrid (63,551) and Valencian Community (43,236). In general, last year there was a decrease in the signing of home mortgages in all regions compared to 2022. Specifically, where the largest falls were recorded were in La Rioja (-36.1%) and Galicia (-21 .9%). On the other hand, the least pronounced decreases took place in the Canary Islands and Castilla-La Mancha (-9.9% in both cases) and Navarra (-12%).
The total number of mortgaged properties falls by 18% in 2023
Likewise, if we focus on mortgages on rural and urban properties (homes are included within the latter) we see that throughout 2023 there was a decrease of 18.3% compared to 2022, reaching the figure of 497,224 . A decrease that ends the upward trend that existed, after two consecutive years with increases in this indicator, specifically 19.6% in 2021 and 9% in 2022. Also a drop in the capital of mortgage loans, registering a decrease of 14.5% during 2023, after exceeding 82,359 million euros, while the average amount of mortgages on total properties rose by 4.6%, to 165,639 euros.
On the other hand, 135,558 mortgages saw their conditions change in 2023, this represents 10.2% less than the previous year. Of this total, 107,267 constituted novations (or modifications produced with the same financial entity). However, the number of operations that changed the entity (subrogations to the creditor) experienced growth, up to 22,343, compared to the 5,948 mortgages in which the owner of the mortgaged asset changed (subrogations to the debtor).
Home mortgages fell 17% year-on-year in December
As for last December, 24,927 home mortgages were subscribed, this is 17% less compared to the same month of the previous year. This is also the lowest figure recorded since August 2020. Taking this decrease into account, there are eleven consecutive months in which home mortgages have suffered year-on-year decreases.
In the last month of 2023, the capital lent in housing loans was above 3,501 million euros, which translates into a drop of 18.7% compared to December 2022. At the same time, there was a There was also a decrease in the average amount, which fell by 2%, reaching 140,451 euros.
Regarding monthly values (December 2023 compared to November of that same year), a collapse in home mortgages of 23.6% was recorded. In addition, the capital lent and the average amount also decreased, by 26.5% and 3.7% respectively.
Likewise, the average interest rate for home mortgages stood at 3.32%, surpassing the record in November, when it stood at 3.27%, the same as what happened in October and which represents maximums since 2015. The average term of the loans was 24 years. Regarding mortgages on homes established in December at a variable rate, they represented a percentage of 45.8%, compared to 54.2% at a fixed rate.
2024-02-22 15:26:40
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