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The mortgage market crash is already visible. Loans for much less and much less value

The mortgage market crash is already visible.  Loans for much less and much less value

“Rzeczpospolita” writes about the case and refers to the data of the Credit Information Bureau (BIK). It shows that the total sales of all loans and advances amounted to PLN 79.8 billion. This represents a decrease of 8.7 billion PLN Compared to the result of the first six months of 2021. A bigger crash can be seen when we focus on the market Mortgages.

Mortgage market crash

In the first half of 2022, banks and credit unions A total of 90.8 thousand housing loans were granted, and therefore 32.3 percent less. than in the same period last year. Its total value amounted to PLN 31.59 billion, which means a decrease of 25.1%. Year to year – says Rzeczpospolita.

BIK points out that the significant downturn in the mortgage loan market is associated with lower demand, and therefore with fewer loans granted. Marius Chuliwa, President of BIK, points out that this situation is mainly affected by The creditworthiness of Poles continues to declineConnected with rise interest rates (Since July, the reference rate is 6.5 percent.).

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despite The quality of housing loans is still at a very high level, and we have been seeing it deteriorate for two monthsMeasured by the Housing Loan Portfolio Quality Index, which we use as part of our early warning system, Marius Chuliwa admits in an interview with Rzeczpospolita.

They will take their credit leave

Cholewa also confirms that the credit holidays, which will take effect on Friday, July 29, will have an impact on the market. In his view, it may “hibernate the phenomenon of deteriorating credit quality.” The holidays will stop the so-called delay meter, that is, banks will not impose a delay in payment for people in a difficult situation who have taken advantage of the possibility of delaying payment thanks to the holidays.

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Therefore, BIK confirms its January forecast that the value of home loans will fall by 9.8% year-on-year. Up to 80 billion PLN is no longer available. Now the specialists assume A decrease in value of 40.4 percent.

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