2023-07-11 17:28:21
The very rapid rise in mortgage rates, which are now around 3.8% for a loan over twenty years against 1.2% in January 2022, continues to do damage. In the first half of the year, loan applications accepted by banks fell by 20%, on an annual basis, according to a study by the broker Meilleurtaux and published on Tuesday 11 July.
But the fall is even greater if we take into account files that are no longer even looked at, because the loans would exceed 35% of indebtedness in relation to household income, which is the limit not to be exceeded set by the authorities. “Today, only 55% of files are fundable, compared to 70% two years ago”underlines Maël Bernier, spokesperson for Meilleurtaux.
Difficult for a young couple to become owners
The first victims of the increase in the cost of credit are first-time buyers, the vast majority of whom are young people. “In the space of a year and a half, to be able to borrow the same amount, you need incomes up by 25% or property prices down by 25%, which are far from being the most frequent scenarios”notes Maël Bernier.
In January 2022, a net monthly income of €3,000 provided a borrowing capacity of €210,000 over twenty years, compared to only €168,000 in June. With 4,000 € net per month, it fell at the same time from 282,000 € to only 221,000 €.
The help of the family becomes essential
As a result, households have to reduce their claims by buying smaller or further from city centers, or simply postpone their project. Unless you have an additional contribution. “More and more young families manage to complete their file only thanks to family solidarity, which is an additional factor of inequality”notes Pierre Chapon, co-founder of the online broker Pretto, referring to a market in the process of freezing, with chain consequences.
Unable to buy, households remain rented, contributing to fueling the shortage of housing for those looking for one. Similarly, those who obtained a loan on advantageous terms a few years ago will not put their property up for sale.
The situation should not get better. According to brokers, the 4% mark should be reached for a credit rate over twenty years.
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