Real estate credits: shortness of breath after euphoria

In 2022, 218 billion euros in housing loans were granted, according to the Banque de France: an “almost”-story over twenty years. But the end of the year was marked by a net withdrawal.

by Aurélie Blondel

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In terms of real estate credits, there was not one, but two years 2022, according to the balance sheet drawn up by the Banque de France on January 5.

Of the twelve months, 218 billion euros in new housing loans were, in total, granted to individuals, excluding renegotiations. A slight decline, 3.1 %, compared to 2021. For the production of credits, 2022 is thus the “highest second year” in twenty years, after 2021, “year of all records”, A Underlined Marie-Laure Barut-Etherington, Deputy Director General for the Directorate of Statistics and International Studies, during a press conference.

But this average hides significant differences. After a very dynamic first semester, during which were granted on average, monthly, 19.6 billion euros, excluding renegotiations still, the last six months of the year were marked by a fairly clear withdrawal of production. This amounted to 16.8 billion euros per month on average in the second half.

The decline is particularly sharp for the month of December, during which the amount of credits fell to 14.5 billion, according to estimates by the Banque de France. For comparison, to better understand these figures, you should know that the average monthly production over five years is around 16.6 billion euros.

These statistics are based on information to be sent to the institution by banks at the time of loan signatures. The 2022 data concerning the number of loans subscribed have not yet been communicated.

eight less square meters

The Banque de France, however, is reassuring, reading in this “tendency to withdraw” a “normalization” of the market: “2021 was a year of catch -up” after a year 2020 very disturbed by the start of the health crisis and the Confinements, “we are probably in a landing phase”, estimates M me barut-etherington. An “landing” which she judges “logical in a context of increase in rates”.

Indeed, 2022 had started with very low credit rates, barely greater than 1 % (excluding insurance and various costs) – let us remember, at the same time last year, some borrowed from “0 something ” ! But they started their rise in spring, to double in the end over the year. According to the first estimates of the Banque de France, the average rate reached around 2.1 %in December.

What to crumble the property purchasing power of households: according to the indicator of the Banque de France, it has a total of eight square meters over the year – a figure which is also partly explained by the Increase in real estate prices.

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/Media reports cited above.