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ARCHIVED - Spanish property mortgage activity stable again in November after sharp falls in the summer
A plateau appears to have been reached in mortgage lending in Spain
Earlier this month statistics were published which showed that property sales in Spain fell by 9.3 per cent in November, the fourth successive decrease, but more data which were made public this Monday show that the decrease in mortgage activity during the month remained steady in comparison with last November with a drop of just 0.5 per cent.
The number of new mortgages registered on residential property was 29,146 and the figure rose in 9 of the 17 regions of Spain. There was room for a wide dispersity of results, with the sharpest falls being those in the Balearics (-16.6 per cent) and Catalunya (-15.9 per cent) – two of the regions where the recovery in the market started earliest - while at the other end of the scale the most significant increases were in Extremadura (50.3 per cent) and the Region of Murcia (28.6 per cent).
In the meantime, the average loan capital during the month was 0.9 per cent lower than last year at 129,753 euros, while with average interest rates of only 2.15 per cent on variable rate loans and 3.01 per cent on fixed rate repayment terms as many as 42.7 per cent of borrowers opted for fixed rate loans.
So, after a couple of months in which the mortgage market appeared to be in free fall the October and November seen to herald a return to stability, at least as regards the trend nationwide. The longer-term picture shows that the slight fall in November contributes to cancelling out the gradual on-going upward trend: the running total for property mortgages after 11 months of 2019 now stands at just over 327,000, representing a rise of just 0.18 per cent over the last 12 months (although the level of activity is still 93 per cent higher than when the market bottomed out in the spring of 2014)!
To view a wide range of properties for sale across Spain consult the Spanish property page.
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