The number of property purchases in Spain financed by the means of a mortgage increased by 9.5% in September, new figures show.
A total of 32,457 mortgages were approved during the month, the highest figure seen during any month since June 2011, reports newspaper Murcia Today. Meanwhile, average mortgage loan capital rose by 4.1%, compared with the same month last year, to reach €127,732 – the highest figure since December 2008.
The most positive rise in mortgage lending during September was recorded in La Rioja, with an impressive 67.4% growth rate, followed by Extremadura (34.4%) and Asturias (26.7%). As with property sales, the regions which were slow to join the property recovery are now seeing prominent growth as the market begins to slow down in areas that recovered more quickly – evidence that the market is consolidating and the recovering is becoming more widespread.
If we look at the long term trends we can see that in the first nine month of the year, over 265,000 new mortgages were registered on housing purchases, a rise of 9.7% compared with the same period in 2017. Over the last 12 months mortgage lending has reached 335,000, representing a rise of 7.8%. In the last four and a half years, the number of housing acquisitions funded by the means of a mortgage has risen by 86%.
The number of approved mortgage applications for November may be less positive, as house hunters waited to see the outcome of the mortgage tax fiasco before they went ahead with any applications or housing acquisitions.Tags: Mortgage Lending Spain, Mortgage Tax, Spanish Property Sales