Demand for housing loans falling, first decline in 14 months
15:18
In July 2024, demand for home loans fell by 31.7% compared to the previous year, marking the first drop in 14 months, according to BIK. The number of inquiries decreased by nearly 30%, with 30,630 potential borrowers, and the average loan amount increased by 6.2% from July 2023.
This decline is attributed to the end of the "Safe Credit 2%" program and high comparison base effects from last year. Despite this drop, interest remains higher than before the program, indicating ongoing demand. Future decreases in demand may continue due to these high comparison bases, though there is some potential for market recovery.
