Mobilization did not affect mortgage market in September - Central Bank

Mortgage lending showed strong growth in September, including in Bashkiria. During the first month of autumn, the mortgages issued in the republic exceeded the average monthly level of the previous year by 20%.

In Russia, the mortgage portfolio reached 13.3 trillion rubles, in Bashkortostan - 364.1 billion rubles. - 16% more than on October 1, 2021.

Mortgage lending has grown at a faster pace over the past few months, supported by government support measures and easing price and non-price conditions, financial analysts of the Bank of Russia note in the report "Regional Economy".

 In September, 136.6 thousand mortgages were issued across the country (-13.4% in annual terms), in August - 121.9 thousand (-19.2%).

The volume of issued mortgages amounted to 518 billion rubles (8.7% more than a year ago), in August - 458 billion rubles. (4.3%).

The average loan amount was 3.8 million rubles (25.5% more than in September 2021).

The average loan term is 23.4 years. The average rate is 6.7% per annum.

Analysts note that a noticeable "lengthening" of the loan and a sharp increase in the average loan size are the effect of "mortgage at 0.1%" offers. In fact, in such conditions, people buy housing for 20% more than its market value. Such schemes are beneficial for developers, but they create increased risks for banks that receive depreciated collateral, and for the borrowers themselves - the inability to sell mortgage housing without big losses if necessary. The Bank of Russia is considering the possibility of applying additional measures to regulate such mortgage programs, according to the release of the Central Bank.

The most popular state programs in the country are Family Mortgage and Preferential Mortgage for New Buildings up to 7%. In Bashkiria, along with them, the "Rural Mortgage" became the driver of mortgage lending growth. In terms of the issuance of such loans, the republic is consistently among the leading regions.

The partial mobilization announced at the end of September did not make a noticeable impact on the market, experts say.

Compared to longer periods, the decline is more noticeable. In January-September, mortgages for 93.6 billion rubles were issued in Bashkiria, according to the National Bank of Bashkiria. Mortgage issuance decreased by 16% compared to 9 months last year.

In January-September in Bashkiria, registration of mortgages decreased by 23%.

Registrations of equity participation agreements (primary housing - as a rule, with the use of state programs and mortgages) decreased by 18% compared to 9 months of last year.