“In August 2022, compared to August 2021, banks and SKOK granted more installment loans (+44.3%) and credit card limits (+2.2%). Decrease (-68 , 8 percent) recorded housing loans “- reported in the BIK report.
It was added that by 4.3 percent. the number of granted cash loans also decreased. “In terms of value, banks and credit unions granted a lower value in the three main credit products” – it was noted. The value of granted housing loans decreased the most, by 69.3%. On the other hand, the value of granted cash loans decreased by 6.5%, and in installments by 0.2%. “The value of limits granted on credit cards only increased (+ 7.8%)” – indicated.
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See also: Housing prices are rising. Developers blame the government
According to BIK information, in the first eight months of 2022, compared to the same period last year, “negative dynamics, both in terms of numbers and value, were recorded by housing loans (-40.8%, -36.0%) and cards credit lines (-28.6%, -14.3%) “.
“For housing loans, August, like July this year, was catastrophic. In terms of numbers, there has not been such a bad result for over 12 years, i.e. since January 2010.” – noted, quoted in the information, prof. Waldemar Rogowski, the main analyst of the BIK Group. He added that in August, banks granted only 7.4 thousand of them. He pointed out that the August value of mortgages granted – PLN 2.426 billion – is also the lowest result since January 2010. “So we have a collapse on the housing loan market, which is slowly turning into an apocalypse” – he assessed.
Rogowski pointed out that the value of lending in the first eight months of 2022 is below lending in the first eight months of 2018, and the August reading Home loan demand index at historically low levels (-72.9%). In his opinion, in the coming months we can expect a deeper decline in lending.
Collapse in housing. “Market engines obliterated”
Even during the lockdown, developers built more flats than today. The reduction in supply is the result of a decline in demand due to the unavailability of loans, but also the desire to maintain margins – Rzeczpospolita reported on Thursday. This is the second time that companies have started to build fewer apartments per month than private home investors.-
Housing estate has a profound impact on other segments of the economy: construction companies or the production of building and finishing materials, interior furnishings, furniture, household appliances. August GUS data herald the deepening of the crisis, possibly to a full recession – adds Jędrzyński.
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