BIK The Demand Index for Housing Loans rose to 36.8% in March
The value of BIK Index - Demand for Housing Loans (BIK Index - PKM), which informs about the annual dynamics of the value of requested housing loans, amounted to 36.8% in March 2021 compared to March 2020.
In March 2021, a total of 56.07 thousand people applied for a housing loan. potential borrowers, compared to 41.52 thousand. a year earlier - this is an increase of 35%. Compared to February 2021, the number of applicants increased by 19%, and in relation to the minimum in April 2020, it has doubled (102%). Average amount of the requested housing loan in March this year. amounted to 315.5 thousand. PLN and was 5.9% higher than in March 2020, it was reported.
"The value of the Index was positively influenced by the increase in the average amount of the loan applied for with a large number of applicants. The value requested on loan applications (absolute values) is record-breaking in the entire history. The number of submitted loan inquiries is also record-breaking over a 10-year period. A higher number of inquiries was recorded in March 2011, " said the chief analyst of the Credit Information Bureau, Waldemar Rogowski.
Demand for housing loans in March this year. was higher than the peak of the uptrend in February 2020 (the last month before the pandemic). After a series of negative readings from March-August 2020 and November 2020, a very high positive reading was recorded this year. The value of the Index, compared to the reading from February 2021, increased by 19.7 percentage points.
"Particularly noteworthy is the increase in the average amount of the loan applied for and the increase in the number of inquiries submitted. This reflects the current situation on the housing market, an increase in the average PUM price and the purchase of larger properties. The fact that banks loosened their own contribution requirements (a decrease in the required contribution again to 10%), translates into accepting a higher value of the LtV indicator. Interestingly, we are breaking records at the very peak of the third wave, which we saw in March this year. On the other hand, the increase in the number of vaccinated people makes optimism grow. Inflation is also growing, In addition, the need to make contributions to the developer guarantee fund (2%) will also drive up prices. Increasingly, in the public discourse, negative interest rates on deposits or the introduction of fees for keeping large amounts in bank accounts All this contributes to an even higher interest in immovable property omościami "- added Rogowski.
"The index describes only the demand side of the loan market. The value of lending is determined by the lending policy of banks. In my opinion, in the situation of high excess liquidity of the Polish banking sector and the lowest level of mortgage claims, the lending activity in terms of housing loans will increase" - he concluded.