Housing loans drawdown slides by €750m in Nov Y-o-Y

Finnish households drew down new housing loans in November 2022 to a total of EUR 1.2 billion, a decline of EUR 750 million year-on-year, said the Bank of Finland on Tuesday.

Of the total, investment property loans accounted for EUR 80 million.

The average interest rate on new housing loans rose from October, to 3.18%.

At the end of November 2022, the stock of housing loans stood at EUR 107.7 billion, and the annual growth rate of the loan stock was 1.3%.

Investment property loans accounted for EUR 8.8 billion of the housing loan stock. At end-November 2022, the stock of loans to Finnish households comprised EUR 17.0 billion in consumer credit and EUR 18.0 billion in other loans.

Finnish non-financial corporations drew down new loans in November in the amount of EUR 2.4 billion, of which loans to housing corporations accounted for EUR 570 million.

The average interest rate on the new loans rose from October, to 3.61%.

At the end of November 2022, the stock of loans to Finnish non-financial corporations stood at EUR 106.5 billion. Of this, loans to housing corporations amounted to EUR 42.3 billion.