The average size of a mortgage loan in Russia decreased in July by 4.2% compared to a month earlier, to 3.11 million rubles, this is the first decrease in the indicator since November last year, the National Bureau of Credit Histories (NBCH) told RIA Novosti.
“The average size of issued mortgage loans in July 2021 amounted to 3.11 million rubles. Compared to the previous record month, the average check of a mortgage loan decreased by 4.2%. A decrease in this indicator was noted for the first time since November 2020,” analysts calculated. At the same time, in November, the decrease was smoother – only 0.7%.
The strongest average size of a home loan in July fell in Saratov (-15.9%), Chelyabinsk (-14.2%), Nizhny Novgorod (-13.7%) and Kemerovo (-12.2%) regions, as well as in Tatarstan (-10.7%). At the same time, in a number of constituent entities of the Russian Federation, the indicator, on the contrary, increased, including in Udmurtia (+ 20.7%), as well as in Orenburg (+ 11.5%), Irkutsk (+ 4.0%) and Voronezh (+ 3.7%) areas.
Moscow remained the leader in terms of the size of the average mortgage loan in July, although the indicator decreased by 2.3% – to 6.94 million rubles. In the Moscow region, the decrease in the indicator last month was not so noticeable – by 0.3%, to 5.12 million rubles.
The three leaders are closed by St. Petersburg, where, on the contrary, they began to borrow in banks to buy an apartment by 2.6% more funds on average – 4.61 million rubles. The Khabarovsk Territory came in fourth place, where borrowers increased the average mortgage bill by 3.5%, to 3.72 million rubles, in the fifth was Primorsky Territory, where the average loan size fell by 9.3%, to 3.7 million …
The decrease in the average size of the mortgage loan is due to the tightening of the conditions of the preferential mortgage program and growing bank rates, the NBCH explained. “In the context of the correction of the preferential mortgage program and the growth in the cost of loans, the quality of mortgage applications began to deteriorate, and the size of loans for the purchase of housing began to decline. At the same time, it is too early to say that this is a long-term trend,” said Alexey Volkov, Marketing Director of the company.