February mortgage reports
Data published in February from the various reporting bodies in Spain show that both mortgages in Spain and house sales have made a slow but steady recovery during 2015.
The INE who reports on registered Spanish loans and registered transfers of property titles rather than signings showed a higher year on year increase than the Notary offices. This would seem to indicate that signings from the back end of 2014, registered in early 2015, were higher than for the same months in 2015.
2015 results
Overall during the year mortgage capital lent grew by a higher percentage than numbers of new loans granted. The higher increase was due to the average loan size increasing during 2015. Cataluna for example saw growth of over 60% when relating it to capital lent but only a 37% increase in numbers of loans. Madrid on the other hand was the only region who saw a higher level of growth on numbers of loans to capital lent.
In general coastal areas and those most attractive to foreign buyers saw the best level of growth both in terms of financial facilities and house sales.
Rates and product types
The average rate by which Spanish Mortgages were granted increased for the first time in many months during December despite the Euribor declining slightly. This may be due to the ongoing trend toward fixed rate product types. Fixed rate best buys may provide a higher immediate rate but will provide good value for money and stability in the medium to longer term.
Net loan outflows
Mortgage in Spain redemptions were 55,000 higher than new loans constituted so net outflows remain the main challenge for Spanish Banks going forward.
Read the full article:- Home loan results for December and 2015 in Spain
No comments:
Post a Comment