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ARCHIVED - Another 30 per cent drop in Spanish property mortgage activity during September
The number of loans taken out falls sharply in line with sales figures
Earlier this month statistics were published which showed that property sales in Spain fell by over 12 per cent in September, the second successive significant decrease, and more data which were made public this Friday showed that the decrease in mortgage activity during the month was far more pronounced at 31.6 per cent.
The number of new mortgages registered on residential property was 22,488, as opposed to almost 33,000 in September 2018, and the decrease was universal throughout the 17 regions of Spain. There was room for a wide dispersity of results, with falls reported of between 19 per cent in Navarra and 63.7 per cent in La Rioja, but no part of the country escaped the downward trend.
On the other hand, as was the case in August, the average loan capital during the month was 5 per cent higher than last year at 135,452 euros, the highest level since August 2008, while with average interest rates of only 2.25 per cent on variable rate loans and 3.08 per cent on fixed rate repayment terms as many as 38.3 per cent of borrowers opted for fixed rate loans.
So, after a period in which the market appeared to be returning to stability, the September figures appear to confirm that activity in the market is decreasing nationwide. The longer-term picture shows that the fall in September contributes to cancelling out the gradual on-going upward trend: the running 12-monthly total for property mortgages now stands at just under 349,000, representing a rise of just 3 per cent over the last 12 months (although it is still 93 per cent higher than when the market bottomed out in the spring of 2014!
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