2023-07-16 15:22:38
The Confederation of Businessmen of Cuenca reports that the mortgage market continues with its adjustment in 2023 in which fewer of these firms are being produced compared to the previous year.
The economic situation with high inflation and an increase in the cost of loans has clearly affected these loans, which have been clearly reduced in the first four months of the year.
In addition, another phenomenon is taking place and that is that this combination of high prices and increased interest rates means that the amount for which mortgages are signed is also skyrocketing.
Therefore, we are in a situation of significant changes in this indicator in which, despite the reduction in mortgages due to the crisis, they become more expensive as credits of this type are more restrictive and more expensive.
In this sense, the INE data indicate that the firms of these credits are clearly suffering from the inflation that paralyzes the granting of this type of loan, as well as from the growth of interest rates that have not stopped the escalation of costs. , but they have made these banking products considerably more expensive.
constitutions
From January to April 2023, the INE records that 449 mortgages have been constituted in the province of Cuenca, a reduction of 135 signatures over these months of 2022, being a percentage decrease of -23.12.
We are facing the worst record in terms of mortgage constitution in the last four years, being below even in the first third of 2023 over this period in the year of the pandemic, in 2022.
Specifically, in the first third of 2023, 68 fewer mortgages have been constituted than on these same dates in 2021, with a decrease of -13.16%, while, compared to the year of the pandemic, 2020, in these months 13 fewer mortgages have been signed, falling by -2.82%.
In the month of April, 101 mortgages were constituted in the province of Cuenca, 33 less than in the same month last year, representing a decrease of -26.63%.
Imported
CEOE CEPYME Cuenca analyzes that, in the last two months calculated by the INE, to the reduction of mortgages due to inflation and interest rates, a notable increase in the cost of their amount has been added.
Thus, both in March and April, the amount of these loans has skyrocketed both globally and in the average amount of mortgages in the province.
Specifically, from January to April 2023, the global amount of mortgages in the province of Cuenca is 73,182 thousand euros, which is 14,551 more than these months of 2022, 24.81% more.
The amount is the largest in the last four years in the first third of the year, exceeding 37,412 thousand euros and 104.59% to these days of 2021 and 31,093 thousand euros and 73.87% to this period of 2020 .
In the last month recorded, in April, despite registering fewer signatures in 2023 than in 2022, the amount of mortgages reached 14,761, growing by 3,862 thousand euros and 35.43%.
Regarding the average amount of each mortgage in this first third of 2023, it stands at 162.98 thousand euros, well above the 100.39 thousand euros in these months of 2022.
Changes
The data of changes registered by the INE reflect that in this situation of adjustment the changes on mortgages are significantly reduced, reaching 88 from January to April 2023
These changes in the first third of this year are 85 less than those calculated in 2022 in these four months, which represents a percentage decrease of -49.14%.
As usual, the most produced change is novation with 49 of the changes registered between January and April 2023, 89 less than on these dates of the 2022 financial year, a decrease of -64.50%.
The subrogation of the creditor or change in the mortgage payer has occurred in the first third of this year on 39 occasions, 4 more than these same dates in 2022, an increase of 11.42%.
As for the other type of exchange, the subrogation of the debtor or change of the mortgage entity, it hardly occurs in the province and in fact no mortgage of this type has been registered in the first four months of 2023, nor on these dates of 2022.
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