Housing loans drawdown rises by €270m in Dec Y-o-Y

Finnish households drew down new housing loans in December 2023 to a total of EUR 1.3 billion, which is EUR 270 million more than in December a year earlier, said the Bank of Finland on Wednesday.

Of the newly drawn loans, investment property loans accounted for EUR 85 million.

The average interest rate on new housing loans declined from November and stood at 4.42%.

At the end of December 2023, the stock of housing loans amounted to EUR 106.7 billion, and its annual growth rate was minus 1.6%.

Investment property loans accounted for EUR 8.6 billion of the loan stock. At the end of December, the stock of loans to Finnish households included EUR 17.3 billion in consumer credit and EUR 17.5 billion in other loans.

Drawdowns of new loans by Finnish non-financial corporations in December 2023 totalled EUR 2.7 billion, of which EUR 540 million was taken out by housing corporations.

The average interest rate on new drawdowns declined from November, to 5.36%. At the end of December, the stock of loans to Finnish housing corporations stood at EUR 43.8 billion.