Mortgages, demand collapses in 2023. The Crif study
The question of mortgages by Italian families maintained a negative trend for all 12 months of 2023, where the overall annual figure recorded a -17.2% (Source: the EURISC Credit Information System). However, the progressive rise of interest rates pushed families towards operations subrogation. In September, in fact, the subrogation phenomenon stood at -5.2%, while new mortgages granted fell by -24.0%.
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Furthermore, the average amount requested however, it remains stable (+0.1%), with a total value of 144,659 euros. In fact, if we consider the month of December alone, there is a further leap of +5.0% which pushes the average amount to a record amount of 152,550 euros. Therefore both the annual and monthly data represent a peak value never reached in the last 10 years.
“After the setback that characterized the year just ended, a progressive improvement is expected purchasing power of families, which will lead to a general recovery in demand and consequently also in requests for real estate mortgages. The factors supporting the sector will be on the one hand green component and on the other a situation of stability of the rateswhich, although in the medium-high range, will contribute to planning long-term family expenses with greater serenity” – he explains Simone CapecchiExecutive Director di CRIF.
Amounts, duration and age ranges of application for real estate loans
Even in 2023, the amount range preferred by Italian families is between 100,000 and 150,000 euros, with 29.5% of the total. Next is the 150,000-300,000 euro amount class with a percentage of 25.9%; while almost 40% request amounts of up to 100,000 euros, and only 5.1% exceed 300,000 euros.
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Over 8 out of 10 requests include repayment plans over 15 years old, and in this way the family budget is not burdened thanks to multiple installments spread over time. Finally, if we analyze the age groups of those requesting a mortgage, over 60% are aged between 25 and 44, while 33.3% are made up of the 45-64 age group.
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