The number of mortgages taken out from January to August 2022 is more than 20% lower than a year ago, L’Echo reports on Tuesday based on figures from the National Bank.
From January to August, the number of home loans fell by 21.5% compared to the same period last year. And the drop is more than 6% if we take the year 2020 as a reference.
In Wallonia, the drop over a year is even more pronounced than in the other two regions of the country, with a drop of more than 25%. In Brussels, the drop in the number of new mortgages is 16%, and in Flanders it is 20.5%.
It was especially the months of June, July and August when potential buyers went to their bank in fewer numbers. This summer, 77,015 new home loans were taken out, 28% less than in the summer of 2021. And it is also the lowest summer number since the banking crisis in 2008.
You don’t have to look very far for the reason for this drop, explains John Romain from Immotheker-Finotheker, who points to the sharp increase in interest rates. “The rates offered by the banks have more than doubled in a year. Result: the borrowing capacity of potential buyers has been reduced by 10 to 15%. And at the same time, the energy crisis is also weighing on their budget.“