In July, the average term of mortgage loans issued under all preferential programs decreased by two years at once compared to June. Before that, it only increased
By the end of July 2024, the average term of loans taken out under all preferential mortgage programs decreased by more than two years and amounted to 24 years and 1 month, follows from an analytical study by the United Credit Bureau (OKB), which was reviewed by the editorial board.
Since June 2023, the average terms of concessional loans have been steadily increasing, reaching a maximum by June 2024, the Design Bureau notes. Over the entire period, the increase went from 284 months (23 years and 8 months) to 314 months (26 years and 2 months).
A month after the cancellation of the general preferential mortgage and the adjustment of the terms of the family mortgage, the dynamics changed: in July, the term decreased sharply to 289 months (24 years and 1 month). This roughly corresponds to the value of August last year — then it was 290 months, or 24 years and 2 months.
The longest mortgage terms among the regions of the top 30 in terms of issuance in July were noted in the Krasnodar Territory (27 years and 3 months), the Tyumen Region and the Stavropol Territory (both regions — 26 years and 2 months). The lowest terms are in the Arkhangelsk Region (20 years), Yakutia (20 years and 2 months) and Primorsky Krai (20 years and 5 months).
In the Moscow region, mortgages under preferential programs in July were taken on average for 25 years and 1 month, in St. Petersburg – for 25 years and 3 months, in Moscow — for 25 years and 11 months.
The size of the average preferential mortgage loan in Russia has hardly changed in a month. In June, it amounted to 5.27 million rubles, in July — 5.22 million rubles, analysts specify. In July, loans for the largest amounts were forecasted in Moscow (8.91 million rubles), the Moscow Region (7 million rubles) and St. Petersburg (6.69 million rubles). The smallest mortgage loans among the top 30 regions in terms of issuance were in Udmurtia (3.91 million rubles), the Arkhangelsk Region (3.93 million rubles rubles) and the Orenburg region (3.96 million rubles), according to analysts.
The full cost of the loan under preferential programs is reduced
Due to the cancellation of preferential mortgages for new buildings, for which loans were issued at 8% per annum, the main disbursements now fall on a more targeted family mortgage, which is issued at 6%. For this reason, the full cost of the loan is reduced (that is, the rate adjusted for bank fees, insurance, margin and relief, depending on the fulfillment of various conditions, etc.).
By the end of July, when previously approved loans under the state program were issued at 8%, there was no noticeable decrease. On the contrary, the full cost of the concessional loan reached its maximum since the beginning of the year and amounted to 7.92% per annum (against 6.62% in January and 6.87% in June). However, according to the Design Bureau, in the first half of August it decreased to 5.85%.
In total, 31.81 thousand mortgage loans were issued in Russia in July under various preferential programs. This is four times less than a month earlier (129.15 thousand). The same level of decline in the volume of issuance: from 680.33 billion rubles to 166.1 billion rubles.
In July, preferential mortgage programs accounted for 42% of the total number of loans issued and 57% of the issuance volume. A month earlier, these figures were 73% and 81%, respectively.
In just seven months of 2024, 444.6 thousand preferential housing loans (59% of all mortgages) were issued in the amount of 2.34 trillion rubles (72% of the total volume of issuance), according to the study.
After the cancellation of the preferential mortgage, sales of new buildings collapsed. According to Yandex Real Estate and the Pulse of New Building Sales service, among all million-plus cities in July, the largest drop occurred in Chelyabinsk, Rostov-on-Don and Samara. In them, sales decreased by 70%. There is also a significant decrease in Novosibirsk (by 67%) and Kazan (65%).
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