Declines in the housing loan market. According to data from the Credit Information Bureau, in August this year the value of inquiries about them decreased by 25.2 percent compared to August last year. The number of potential borrowers was also smaller. – This situation should be carefully monitored in the following months of the year – assessed BIK Group analyst Waldemar Rogowski.
In August this year, banks and credit unions sent housing loan inquiries to the Credit Information Bureau for an amount lower by 25.2 percent compared to August 2023 – BIK reported on Wednesday. Compared to July 2024, the number of people applying for a housing loan decreased by 13.7 percent – it added.
Decrease in loan inquiries
It was added that in August 2024, 26.41 thousand potential borrowers applied for a housing loan compared to 38.85 thousand a year earlier, which translates into a decrease of 32 percent year on year. Compared to July 2024, the number of people applying for a housing loan also decreased – by 13.7 percent.
The average value of the requested housing loan amounted to PLN 431.00 thousand in August this year and was higher by 5.0% than in August 2023. Compared to July 2024, however, it decreased slightly by 1.1% – according to BIK data.
– The August data confirm that demand for housing loans has slowed down, but despite concerns, it has not fallen to the level from before the launch of the Safe Credit 2 percent program – assessed the chief analyst of the BIK Group, Waldemar Rogowski, quoted in the press release.
In his opinion, there was an effect opposite to that which occurred in the first half of this year, when comparisons were made to last year's low base. – Now we will compare the data to the high base from the second half of 2023, which will result in negative readings of the Index value in the following months of this year – he said.
“The situation must be monitored closely”
– However, the phenomenon of falling interest in housing loans in a month-to-month relation should be treated negatively. The reason for the 14% drop in the number of applicants in August this year compared to July this year may be the holiday period, the related holiday peak. Nevertheless, this situation should be closely monitored in the following months of the year – Rogowski noted.
The analyst emphasized that the second important aspect, which partially compensates for the decrease in the number of applicants, is the increase in the average amount of the requested loan to PLN 434,000 – this is an amount 5 percent higher than in August 2023. – The increase in creditworthiness as a result of the real increase in wages at a stable level is conducive to applying for higher loan amounts. interest rates – he assessed.
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