The new family support measures introduced on 1 January are popular, and Hungarians consider them important and useful.Continue reading
In recent weeks, interest in home loans has increased, according to data from the Credit Institute, 10 percent more people would finance the purchase of a property partly with a loan – Hungarian financial website money.hu wrote in a statement. So far, it was mostly heard that fewer and fewer people are thinking about buying property because of the increased cost of loans, but now the market may be changing, Világgazdaság said in a related article.
The new year has apparently also brought a new impetus to the housing loan market, with the proportion of those who want to buy property partly with the help of a housing loan increasing by almost 10 percent since January, said Levente Korponai, head of money.hu. He added that their credit intermediary partners are already sending out twice as many information leaflets a month to clients interested in loans this spring as they did at the end of 2022.
It was said that nearly 33 percent of those concerned would take advantage of the schemes available alongside state support, such as the baby-expecting loan and the family housing support (CSOK).
According to the expert, monetary conditions easing in the coming period could support the expansion, and the Central Bank’s communication suggests that there is a chance of this.
Those who take out a housing loan now can also later replace their existing loan with a cheaper one by switching to a cheaper scheme. The baby-expecting loan, for example, is a discretionary loan of up to HUF 10 million, which many people use to replace their previous loan.
In connection with the topic, László Balogh, chief economist at real estate website Ingatlan.com, said that the housing market is also showing some signs of recovery, although seasonal effects should be taken into account. “In March and April, there is always more interest and buying than in the first two months of the year,” he said.
He emphasized that it was premature to talk of a trend reversal and a sustained upturn in either the housing or the housing loan market, but the developments in recent weeks were certainly a positive sign.
Online advertisements show the evolution of supply and demand, and in recent years this has always been a good predictor of changes to come.
If the recovery is sustained, and the growth in supply is matched by an increase in demand, a new equilibrium in the housing and mortgage market could emerge, albeit at a lower rate than in previous years of boom.
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