The average amount of a housing loan granted in August was almost PLN 422,000 – according to data published by the Credit Information Bureau. This is the highest in history. The value of the average loan was 9.8 percent higher than a year ago.
BIK Chief Analyst, Dr. Hab. Waldemar Rogowski, points out that “customers are taking out loans for increasingly higher amounts.”
In August 2024, the average amount of a housing loan granted amounted to PLN 421.9 thousand and was 9.8 percent higher than a year ago. – This is a record average value of a housing loan granted in history – he comments.
In August of this year, the main types of loans: housing, installment and cash, recorded an increase in sales in terms of both number and value. “They were granted by 12.4 percent more compared to August a year ago and by (+4.5 percent) more than in July 2024. Their value also increased by 4.5 percent year-on-year and by 3.4 percent compared to the previous month of this year,” we read in the BIK announcement.
The number of cash loans granted increased by 13.9% compared to August 2023, and their value reached a dynamics of 27.8% year on year.
Large increases in housing loans
In August 2024, banks granted (+10.3%) more housing loans compared to August 2023, but their number decreased by 12.2% compared to July 2024.
“In terms of value, housing loans recorded an even higher increase of 21.2% year-on-year and an 11.9% decrease compared to the previous month. The still high sales of housing loans are also confirmed by data after eight months of this year,” we read in the BIK press release.
– Despite the lack of a borrower support program, interest in housing loans is not waning. Cumulatively since the beginning of the year, the number of housing loans granted has increased by 80.2%, and their value by an impressive 108.5% compared to the same period in 2023 – explained Waldemar Rogowski.
Three factors
He added that “three factors are responsible for such high dynamics.”
– Firstly, this year's lending campaign still included amounts from loans from the pool of applications submitted last year with the participation of the Safe Credit 2% program. This amounts to PLN 13.6 billion. Without this amount, the value of lending in the period January – August 2024 would have amounted to PLN 46.4 billion and would have been higher by 61% compared to the same period last year – he said.
– Secondly, the first half of last year was characterised by low lending activity, i.e. a low base – which was the result of high interest rates and the expectation of the launch of the support program, he explained.
– And thirdly, we currently have significantly higher borrower activity than in the first half of last year, despite the lack of a support program. The increase in the value of housing loans to a greater extent than their number indicates that customers are taking out loans for higher amounts. This is related to the purchase of more expensive properties as a result of persistently high market prices – he pointed out.
As Rogowski reported, from June 1 to the end of August credit holidays 189 thousand people benefited from the new conditions under 112 thousand housing loans worth PLN 33.1 billion – he added.
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