– In August this year, the average amount of a housing loan granted amounted to PLN 421.97 thousand and was 9.8 percent higher than a year ago. This is a record average value of a housing loan granted in history – says Dr. hab. Waldemar Rogowski, Chief Analyst of the BIK Group.
We are taking out more loans than last year
The number of mortgage loans taken out by Poles in August fell by 12.2% compared to July. However, compared to last year, we recorded an increase of 10.3%. We saw an even greater increase in the value of housing loans, which was 21.2% higher than in August last year (and 11.9% lower than in July 2024).
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. Three factors are responsible for such high dynamics
– explains Dr. Rogowski.
Firstly, these data include loans from last year, when the 2% Safe Credit was still in force. Their amount amounts to PLN 13.6 billion. Without it, the value of lending in the period January – August 2024 would amount to PLN 46.4 billion and would be higher by 61% (and not over 108) compared to the same period last year.
– Secondly, the first half of last year was characterized by low lending, and therefore a low base – which was the result of high interest rates and the expectation of the launch of the support program – explains the BIK analyst.
The third factor is higher borrower activity than in the first half of last year, despite the lack of a support program. The main factor responsible for the increase in lending is the improvement in creditworthiness, which allows for taking out housing loans for higher amounts.
The government is writing off loan installments for flood victims.
– “Look, we lost this apartment, we lost the house, and we are on credit” – Tusk quoted citizens he spoke to after the flood. – They have nowhere to live, they lost their home, and they will have to pay off the loan. I'm afraid that's almost everywhere – added the prime minister, who has already talked to banks and the Ministry of Finance about helping borrowers.
On Wednesday, during the crisis management team meeting, Donald Tusk announced that Home loans of people affected by flooding will be written off for 12 months. – We as a state will repay the loan installments for 12 months through the Borrower Support Fund – said the Prime Minister. He emphasized that this is not a postponement of repayments, but a cancellation. – For at least a year, you will have peace with repaying the loan – Donald Tusk addressed the flood victims.