Real estate
11:48 3 August 2022
Post by: WBJ

Housing loan demand slumps to a new record low in July

Housing loan demand slumps to a new record low in July

The housing loan demand index fell by almost 67% in July year-on-year - the Credit Information Bureau data showed. This is an even worse result than in June when the drop was 60% and the outcome was the lowest in the history of the index, reported since January 2008.

In July, only 14,110  applications were submitted compared to 43,760  a year ago. This is a decrease of 67.8%. The average monthly number of applications in 2021 was 43,000. “The number of people applying for a housing loan has been regularly falling since April 2021, i.e. before the beginning of the interest rate hike cycle. The increases only deepened this negative process,” said BIK's chief analyst Waldemar Rogowski.

The average value of the requested housing loan is, however, relatively stable. In July, similarly to June, it amounted to PLN 339,800, which is a decrease of 1.7%.

(Business Insider)

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