Mortgage levels for January
Both the INE and the Notary offices published this month the New Year first month data for mortgages in Spain.
Whilst in terms of both numbers of loans and capital lent both reporting bodies were showing a year on year increase for loans registered at land registry in the month the increase over Decembers results were the lowest for a few years.
Wider data
The wider data which is published by the INE and includes matters such as average interest rates and mortgage product types indicated a continuing trend toward fixed rate loans. Whilst the numbers are still very small the last 12 months have seen a shift from around 5% of loans completing on this basis to now just over 10%.
Average loan sizes came under some pressure in the month although overall they continue each month to grow. This coincided with a reported 2% increase in average price per meter square being paid by purchasers owning property in Spain.
Madrid leads the way
Regionally the strongest areas in the month of January were Madrid and Valencia. Some of the coastal and Island regions who had very strong performance through 2015 fell back slightly.
Whether this is a one month blip or a trend toward less mortgage applications from foreign buyers due to uncertainty surrounding the Political arena in Spain will remain to be seen.
Net loan outflows
For Spanish Banks one area of good news was that the gap between the amount of loans they lost due to cancellations or redemptions and the amount of new loans they granted narrowed to less than. 1,000.
Read the full article : - Spanish mortgage data for beginning of year is mixed news
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