The value of inquiries for housing loans fell by 25.2% year on year in August 2024, reports the BIK Index of Demand for Housing Loans. This index value signifies that in August 2024, on a working day basis, banks and Credit Unions sent requests for housing loans to BIK, a sum that was 25.2% lower than in August 2023.
In August 2024, 26.41 thousand potential borrowers applied for a housing loan, compared to 38.85 thousand a year earlier, representing a year on year decrease of 32%. Compared to July 2024, the number of people applying for a housing loan also fell by 13.7%.
The average value of the requested housing loan amounted to 431.00 thousand PLN in August 2024, a 5.0% increase as compared to August 2023. However, compared to July 2024, it fell slightly by 1.1%.
Interest in housing loans has fallen, but the average amount on loan applications continues to grow
– August data confirms that demand for housing loans has cooled down but contrary to fears, it did not fall to the level before the launch of the Secure Loan 2% program. The number of people interested in a housing loan fell by 30% compared to August of last year, the second month of last year’s program.
The effect contrary to what occurred in the first half of this year took place when we compared ourselves to the low base of the previous year. We will now compare data to the state of 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.
One should, however, view as negative the phenomenon of a decline in interest in a housing loan month by month. The reason for the 14% decrease in the number of applicants in August compared to July may be the vacation period associated with the peak of summer holidays. Nevertheless, this situation should be closely observed in the coming months.
The second important aspect that partially offsets the decline in the Index value caused by the decrease in the number of applicants is the increase in the average amount of the loan application to 434 thousand PLN – this is an amount 5% higher than in August 2023. Applying for increasingly higher loan amounts favors the increase in borrowing capacity due to real salary growth with a stable level of interest rates – explains Prof. Waldemar Rogowski, Chief Analyst of the BIK Group.
Source: https://managerplus.pl/spadek-zapytan-o-kredyty-mieszkaniowe-w-sierpniu-2024-r-o-252-r-r-przy-jednoczesnym-wzroscie-sredniej-kwoty-kredytu-62726
