Delivery time2023-12-17 07:35
The impact of rising house prices due to the suspension of special mortgage loans
apartment
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(Seoul = Yonhap News) Reporter Hong Yu-dam = As the loan threshold for purchasing a home has been lowered, the proportion of apartment purchases among households in their 20s and 30s fell below 30%, the lowest level this year.
According to the Korea Real Estate Agency’s real estate statistics information system on the 17th, the total number of apartment sales transactions nationwide last October was 35,454.
Among these, transactions by buyers in their 20s or younger and 30s accounted for a total of 10,415 transactions (1,586 and 8,829, respectively), or 29.4% of the total.
This is the first time since last January (29.9%) that the proportion of transactions by buyers in their 20s or younger and 30s fell below 30%.
Last October’s figure was the lowest this year and was the same level as last December (29.4%).
By region, the proportion of buyers in their 20s and 30s in apartment sales in the Seoul area last October was 36.0%, down 1.4 percentage points from the previous month. This is the lowest level since last June (35.6%).
In the same month, the proportion in the Gyeonggi region also decreased by 1.9 percentage points to 32.0%, hitting the lowest level in 14 months since August of last year (31.1%).
In the Incheon area, it was 31.5%, down 0.2 percentage points from the previous month and the lowest since last May (31.0%).
The reason why people in their 20s and 30s are hesitant to purchase an apartment is due to rising housing prices.
The monthly apartment sales price index compiled by the Real Estate Agency has maintained an upward trend for five consecutive months since last July on a national basis. It has been steadily rising in Seoul since last May and in the metropolitan area since last June.
It appears that difficult home purchase loans had a greater impact.
At the end of September, the government suspended the general type of special home loan, which is applied when purchasing a home worth more than 600 million won and less than 900 million won.
Early this year, the government introduced a special home loan that provides loans of up to 500 million won for up to 50 years at an interest rate of 4% per annum for homes worth 900 million won or less. This product gained sensational popularity due to its lower interest rate than commercial banks.
Lee Eun-hyeong, a researcher at the Korea Construction Policy Institute, said, “As the younger generation does not have enough cash, they need to borrow money to buy a house.” He added, “At a time when house prices were fluctuating for a while this year, they are taking advantage of the special housing loan, which allows long-term loans with low interest rates. “The younger generation is jumping into buying houses,” he said.
He continued, “As the special home loan is a fixed interest rate, there is less uncertainty about the future, so the burden of taking out a loan is less.” He added, “As the special home loan disappeared and they were exposed to the uncertainty of variable interest rates, the younger generation stopped purchasing houses. “He added.
Report via KakaoTalk okjebo
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2023/12/17 07:35 Sent
2023-12-16 22:35:02
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