Analysts noted the growth of mortgages against the background of a decline in other lending

In August, the volume of mortgage loans increased by 6.11%. The issuance of other loans to the population fell, which in total resulted in a decrease in total issuance by 4.2%

In August 2024, Russians took out mortgage loans worth 371.9 billion rubles, Frank RG estimated. This is 6.11% more than in July of this year (349.9 billion rubles), but 56.6% less than the results of August 2023 (654 billion rubles). In contrast, there is a decline in other lending segments.

The average size of a mortgage loan issued in August 2024 amounted to 4.64 million rubles. This is 3.3% more than in July, and was the absolute maximum for the entire observation period (Frank RG has been monitoring the mortgage market since 2020).

The number of mortgage loans issued in August increased by 2.7% (compared to 76.8 thousand in July). On the contrary, there is a decrease in the annual period — by 62.4% compared to August 2023 (214 thousand mortgage loans).

“Despite the positive growth, after a drop in loans in July 2024 by more than 50%, mortgage lending volumes remain at a low level for the second month. This may indicate that the market has still not recovered from the hype of demand in June 2024,” the study notes.

At the same time, the mortgage market became the only one among all other segments of lending to individuals, which showed positive dynamics in August, Frank RG clarifies. All the others only decreased, which in total led to a decrease in the total volume of loans to the population by 4.2% (up to 1.2 trillion rubles).

The decrease in the rate of mortgage loans, although adjusted for a slight increase in August, is due to the cancellation of the general preferential mortgage program, as well as changes in the conditions of family and IT mortgages. These changes have had the greatest impact on the individual housing construction market. In July, the number of loans issued for the construction of private houses decreased twice as much as for the purchase of apartments in new buildings.

The decline in demand in other segments at Frank RG is mainly attributed to the Central Bank’s cooling measures, such as increased risk factors for a number of categories of borrowers in car loans and the lifting of the moratorium on limiting the full cost of a loan in cash disbursements.

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