Mortgage lending rises for 6 consecutive months

THE upward curve in the rate of mortgage lending continued in November last year, according to the Spanish central statistics unit.

Over the month, a total of 15,900 loans for residential properties were granted by Spanish banks, a 14.2 per cent jump compared to November 2013.

The total amount of money loaned in mortgages also rose year-on-year, but at a slightly lower rate of 12.2 per cent, meaning the average amount given in mortgages dropped slightly, to €140,817 per home.

Andalucia topped the regional list of the number of mortgages loaned by banks, at 3,183, followed by Madrid, Catalonia then Valencia.

November’s national total was lower than October 2014, but still shows the sixth consecutive month of year-on-year increases higher than 10 per cent, suggesting healthier signs of activity in the residential sector.

However, Spain’s largest bank, Santander, has poured cold water on any excitement, stating that it does not expect any growth in the property market in 2015.

In research information given to investors, reported in the press last week, Santander said any increase in credit was more likely to go towards “small and medium-sized companies, not estate agencies.”

In the same note, the bank said it would be 2018 before the Spanish economy recovered its 2008 levels.

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