The signing of new mortgages for house purchases increased by 28.8% in July from a year earlier, indicating the slow opening credits, after several years of “absolute drought” , according to the INE experts consulted by Efe today.
For fotocasa.es responsible Studies, Beatriz Toribio, this increase was due to mortgage lending in 2013 recorded record lows, but teaches “Banks are opening the tap of credit after years of absolute drought”, but has clarified that the loan flows back into “a very slow pace and only for a few” to “a very reliable customer profile.”
For Toribio, mortgages have increased for the second month (in June rose 19%) and were signed 18,107 has also been produced by existing “trade war” between banks, which is reducing the differential that apply to mortgage rates-thirteen groups already offer a cost overrun relative to Euribor less than two points -.
July, which was the third month that a growing number of registered mortgages on homes in the past four years, also rose last March and from June grows 5.7% – shows that two out of three homes are purchased with recourse to bank financing, according to the director of the Office of Studies pisos.com, Manuel Gandarias.
This expert has agreed with Toribio in financial institutions “are being encouraged to lend” and added that “it appears that the industry has already taken the right path, thanks in large part to the flow of credit. “
But Manuel Gandarias has clarified that” we look for the coming months to ensure that we are moving towards a reasonable balance, since the comparison of the first seven months compared to the previous year negative rates continues, “because in the first seven months of home mortgages fell 9.4%.
In addition to that in July the number of mortgages recorded the highest growth rate in this month in the past five years, the amount of these loans increased 28.5% year on year and totaled 1826.37 million. This figure, up 8.1% from June, also represents the highest monthly change since 2010.
The average amount of mortgages stood at 100,866 euros at the end of July, a decrease of 0.3% over the same month last year, although compared to June rose 2.3 percent.
The number of mortgaged properties last July rose 18.3% year on year and 2.9% from the previous month (YTD down 13.7%) and stood at 27,277.
From these mortgages, 25,609 were established in July of urban properties, with an increase of 3 1% over June and 18% yoy (vs. December last fall 13.9%).
The number of registered agricultural land was mortgaged to 1,668 in July, down 0.2 % from the previous month, but year on year over the same month of 2013, increased by 21.7%. Compared to the end of that year low 9.5%.
For the constitution of mortgages on all types of farms 3193.7 million were provided, with a rise of 0.1% over June and 13.3% compared to July last year, with an average amount of 117 085 euros-the 2.7% less than in June and 4.2% lower than July 2013 -.
Regarding the average interest rate for the mortgages on homes stood at 3.9%, 7.7% below the same month last year. The average for all farms was 3.83% and the average term of 21 years.
93.8% of registered mortgages in July had a variable interest rate (Euribor was the most used to be used for 87% of new contracts) reference.
In July registry changes were made to 17,352 mortgage (39% were due to changes in interest rates-the variable rate mortgages spend 92.6 and 96.5% fixed rate of 6.8 to 2.6%) with a fall of 1.7% over June and 7.1% over the same month last year.
From these changes, innovations were 13,793 (down 4.1% over June and 11.8% year on year).
As for the evolution of autonomous communities, the growth in the constitution of mortgages in La Rioja (72.4%); Cantabria (43.1%) and Basque Country (32.6%). Come down 21.8 percent in Galicia, Extremadura 15.1% and 10.8% in Navarra.
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