The value of housing loan inquiries decreased by 16.9% year-on-year in September 2024, according to the BIK Mortgage Loan Demand Index. This figure indicates that in September 2024, adjusted for working days, banks and credit unions sent inquiries to BIK for housing loans amounting to 16.9% less than in September 2023.
In September 2024, 28,510 potential borrowers applied for housing loans, compared to 36,570 a year earlier, reflecting a 22% year-on-year drop. However, compared to August 2024, the number of housing loan applicants increased by 8.0%.
The average value of the requested housing loan in September 2024 was PLN 444,740, which was 6.6% higher than in September 2023. It also increased by 3.2% compared to August 2024.
“For yet another consecutive month, we observe a negative reading in the value of housing loan demand. This is due to the fading effect of the low base from the first half of last year. Current data is now compared with the high base of the second half of 2023, which was stimulated by the ‘Safe 2% Loan’ program. We can expect the Mortgage Loan Demand Index to continue declining in the coming months.
However, it’s important to note that the September index level should be viewed positively, despite the current highest mortgage interest rates in the EU and the second highest in Europe.
A significant factor influencing the decline in the current index reading is the reduced number of applicants for housing loans. In September, the number was 22% lower than in the same month last year. However, compared to August this year, the number of applicants increased by 8%.
The second key aspect that partially offsets the drop in the index value due to fewer applicants is the increase in the average loan amount, reaching a historically high level of PLN 444,740. This amount is 6.6% higher than a year ago. The trend of applying for increasingly higher loan amounts is supported by an increase in creditworthiness due to real wage growth with stable interest rates. However, housing loans are currently becoming accessible mainly to wealthier clients,” explains Dr. Waldemar Rogowski, Chief Analyst at the BIK Group.
Source: https://managerplus.pl/popyt-na-kredyty-mieszkaniowe-spada-ale-rosnie-wartosc-wnioskowanych-kredytow-53552
