The value of home loan inquiries decreased by 24.0% year-on-year in November 2024, according to the BIK Index of Demand for Home Loans. This means that in November 2024, on a working day equivalent, banks and credit unions sent BIK queries for home loans worth 24.0% lower compared to November 2023.
In November 2024, a total of 26.95 thousand people applied for a home loan compared to 39.8 thousand the previous year, translating to a decrease of 32.3% year-on-year. The drop in November deepened in relation to October 2024, with 21.9% fewer people applying for a home loan.
The average requested home loan value in November 2024 was PLN 436.2 thousand, 1.5% higher than in November 2023. However, it decreased by 0.9% compared to October 2024.
“As predicted, the negative reading of the real estate loan demand index persists month after month. The low base effect from the first half of last year has expired. We are now comparing current data with a high base from the second half of 2023, stimulated by the “Safe Loan 2 percent” Program. In the coming months, we can expect a continuation of the negative Index reading. After an optimistic breeze in October associated with the increasing number of applicants, no trace remains in November. The number of applicants in November is falling both year-on-year and month-on-month. Due to lower activity in the developer market, increasing number of offers, and decreasing sales of apartments, some potential borrowers may currently be postponing property purchase and thus the taking of a home loan, in anticipation of a price drop. The other important aspect, which partly compensates for the decrease in the Index value caused by the decrease in the number of applicants, is the increase in the average requested loan amount. In November this year, it amounted to PLN 436.2 thousand – this is 1.5% higher than a year ago, but lower by 0.9% than in October. This could be a harbinger of price stabilisation in the real estate market, as the dynamic increase in the average requested home loan amount has slowed down,” explains Dr. hab. Waldemar Rogowski, Chief Analyst at BIK Group.
Source: https://ceo.com.pl/popyt-na-kredyty-mieszkaniowe-spada-w-listopadzie-mniej-wnioskow-i-nizsza-aktywnosc-na-rynku-79413
