In the second quarter, 2 trillion rubles of mortgages may be issued — Russians are rushing to take out a loan with state support before July 1

VTB predicts that in the second quarter of 2024, the demand for mortgage loans will grow by 2 times compared to the first quarter. As a result, almost 2 trillion rubles of mortgages can be issued across the country, said Georgy Gorshkov, Deputy President and Chairman of the VTB Board.

The reason for the surge in demand is the expected completion from July 1, 2024 of the universal mortgage program with state support, which is now issued at a rate of 8%. Therefore, traditionally, the maximum activity of borrowers is projected in June, which will allow showing a result comparable to the same period in 2023 at the end of the half-year. The total volume of disbursements in the first half of the year may amount to 3 trillion rubles, of which two thirds will fall in the second quarter. In the second half of the year, the bank predicts a “cooling” of demand in the housing lending market.

State support has fully fulfilled its main function, and now it’s time for the market to return to independent development, and preferential programs to focus on supporting families with children and strategic regions for the state — for example, the Far East and the Arctic,” said Georgy Gorshkov. — In the second half of the year, the mortgage segment will be rebuilt, and sales volumes in general for the year will be lower than last year. Further market growth will largely depend on the reduction of base rates and the restart of refinancing programs.”

According to the results of the first quarter, VTB issued 50.7 thousand mortgage loans totaling 251 billion rubles, which is 15% more in terms of the number of transactions and 10% more in terms of lending than in the first quarter of 2023. At the same time, preferential state programs accounted for about 70% of transactions.

Along with mortgages, retail lending in general is also growing in the second quarter: according to VTB, in April, the issuance of loans in the whole country will exceed 1.4 trillion rubles, and in January–April 2024 — 4.5 trillion rubles, said Georgy Gorshkov. This is almost 4% higher than the results of January–April 2023.

Источник: www.fontanka.ru