2023-07-22 10:48:08
The trend towards home savings began with the turnaround in interest rates and is continuing this year. As the Association of Private Building Societies reported to the FAZ on request, building society contracts with a volume of 38 billion euros were concluded in the first half of the year. That is 10 percent more than in the same period last year. “Bausparen is also very trendy in 2023,” said the association’s chairman, Bernd Hertweck, of the German Press Agency.
Hertweck, chief executive of the Wüstenrot Bausparkasse in his main job, cites the discussion about the heat transition and the heating law as the reasons for the growth, in addition to the increased building interest rates. Hertweck sees the home savings contract more and more as an energy savings contract that serves to invest in energy saving measures. Politicians would be well advised to support this willingness to save and to strengthen people’s ability to save in Germany, he said.
New home savings contracts with a volume of 41.4 billion euros
The ten private building societies belong to his association, including the market leader Schwäbisch Hall from the camp of the Volks- und Raiffeisenbanken. There are still no figures for the first half of the year for the eight state building societies that belong to the savings bank group. According to its own statements, the LBS Group controls 35 percent of the building society market. Various LBS institutes have reported high demand for home savings contracts again this year.
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Last year, the LBS institutes concluded new home savings contracts with a volume of EUR 41.4 billion, which corresponded to growth of 26 percent. The new business of private building societies, which concluded new contracts worth 74.8 billion euros last year, grew by as much as 47 percent. According to the association, the second half of the year was the stronger one.
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