In March 2021, the average amount of a mortgage loan in Russia was 2.92 million rubles.
Over the past year, the indicator has grown by almost 13% and reached a record high for the entire time of observation.
Such data on Thursday, April 29, was presented by the National Bureau of Credit Histories (NBCH).
“The average size of a mortgage loan has been growing continuously for almost a whole year.
After a decrease of almost 10% in the spring of 2020, in the future it not only returned to the “pre-pandemic” level, but also exceeded it, ”said Alexander Vikulin, Director General of the NBKI.
According to the organization, the highest mortgage size was recorded in Moscow and the Moscow region (on average 6.23 million and 4.71 million rubles, respectively), in St. Petersburg (4.12 million) and the Primorsky Territory (3.66 million).
At the same time, the lowest values were recorded in the Chelyabinsk region (1.89 million), Altai Krai (1.95 million) and the Kirov region (1.99 million).
Experts believe that the increase in the amount of housing loans is largely due to the fall in interest rates.
Thus, according to the assessment of the Bank of Russia, over the past year, the average interest on mortgages in the country fell from 8.73 to 7.26% per annum.
“This dynamics can be explained by the fact that in 2020 the Central Bank was actively reducing its key rate, and the authorities launched a preferential mortgage program for new buildings at 6.5% per annum.
The cheapening of loans gave borrowers the opportunity to get a mortgage for a higher amount without losing solvency, "said Mark Goikhman, chief analyst at TeleTrade, in an interview with RT.
Recall that the preferential mortgage program at 6.5% per annum was launched in April 2020 and was originally designed for almost six months, but later the government extended its action until July 1, 2021.
You can get a loan at a reduced rate when buying apartments in new buildings worth up to 12 million rubles in the Moscow and St. Petersburg agglomerations, as well as up to 6 million rubles in other regions of the country.
“The reduction in mortgage rates has attracted citizens with a high personal credit rating and acceptable debt burden indicators to the market.
Banks almost always issue loans to such borrowers for larger amounts, ”stressed Alexander Vikulin.
In addition, experts explain the growth in the average check on a mortgage by the general rise in prices for real estate in Russia.
Thus, the decrease in lending rates led to a rush of demand in the housing market.
As a result, according to official estimates of the authorities, in 2020 the cost per square meter on average in the country increased by 12%.
“Programs aimed at lowering rates have played their role as stimulators of market activity.
Indeed, the industry has revived greatly.
Developers, who were afraid that they would hang with significant volumes of unsold housing, have thus implemented their tasks, "Oleg Samoilov, vice president of the Russian guild of realtors, said in an interview with RT.
In addition, the decrease in the amount of the down payment by many banks played a certain role in the increase in the size of the mortgage.
Igor Dodonov, an analyst at the Finam Group, told RT about this.
“At the same time, the banks themselves, during the mortgage boom, somewhat relaxed the requirements for borrowers to increase or maintain their market share.
It also had a positive effect on the size of loans, ”added the specialist.
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It is noteworthy that along with the amount of the mortgage in Russia, the loan term is also steadily growing.
According to the Central Bank, in February 2021, the national average was the highest in history and amounted to just over 19 years.
“The increase in the term is largely due to the increase in the loan amount.
Indeed, with a long lending period, the monthly payment decreases, and the loan is easier to service.
In addition, low rates attract younger borrowers, for whom there is an opportunity and expediency to extend the loan term, ”explained Mark Goykhman.
However, given the outlined increase in the Central Bank's key rate and the imminent completion of the preferential mortgage program, experts do not expect a noticeable increase in housing prices in Russia in the future.
In these conditions, the average amount of a mortgage in the country may also stop growing at the same rate, experts do not exclude.
“Due to the increase in the key rate, it is most likely that the current interest on mortgages will not decrease, and the rate of increase in the average check will slow down.
If we talk about the future development of the real estate market, then in those regions where the program of preferential mortgage rates may be terminated, we should expect a decrease in demand and a gradual slowdown in price growth, "Dmitry Alekseev, head of primary and suburban real estate at Avito Real Estate, told RT.