The down payment ratio for second homes in over 40 cities has decreased, and the demand for housing in some areas has rebounded significantly
Our reporter Peng Yan
Recently, more and more cities have joined the ranks of loosening the down payment ratio for second homes.
On September 22, a reporter from "Securities Daily" learned through interviews with banks, real estate agencies and other institutions that after the mortgage policy was adjusted, many banks adjusted the down payment ratio for second homes, and the number of inquiries from home buyers in many places increased.
Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, told the "Securities Daily" reporter that the purpose of reducing the down payment ratio for the second home is to lower the threshold for improved demand to enter the market, release the demand for house replacement, and promote housing turnover.
The demand for improvement is the main force of the current housing demand, and the potential for housing replacement demand in second-tier cities is even greater.
In the future, there will be more cities to encourage the demand for changing houses, so the preferential policies on the purchase of second homes will be increased, including the interest rate falling to the minimum level stipulated.
Adjustment of two suites in multiple places
Down payment ratio
Recently, Zhengzhou, Xingtai, Tianjin and many other places have adjusted the down payment ratio for second homes.
For example, Tianjin recently issued a new policy on the property market, specifying that the minimum down payment ratio for households applying for commercial personal housing loans to purchase a second home is 40%.
Xingtai recently released a new policy on provident fund loans, and the down payment ratios for the first and second homes have been lowered.
According to incomplete statistics from the Zhuge Housing Search Data Research Center, as of September 16, 41 cities have reduced the down payment ratio for second homes, mainly in second-tier and third- and fourth-tier cities.
Mingming, chief economist of CITIC Securities, told the "Securities Daily" reporter that the cities that have relaxed the down payment ratio for second homes are generally cities with weak real estate sales and high inventory.
It is expected that more cities with greater pressure on real estate sales will take similar measures in the future, but it may not be able to expand to first-tier cities.
The policies and regulations for second homes are not exactly the same in different places. Under the framework of city-specific policies and one-city-one policy, there may be different degrees of relaxation in restrictions on purchases, loans, and mortgage interest rates for second homes.
Guan Rongxue, an analyst at Zhuge Housing Data Research Center, believes that under the positioning of housing and not speculating, it is more cautious to lower down payments for second homes in various places.
Previously, some second-tier, third- and fourth-tier cities usually tilted the direction of policy adjustment to those who just need it, which means that the support for improvement groups has gradually increased, filling the weaker sectors of the policy, which will optimize and complement the previously introduced real estate policies. Promote the sound and healthy development of the market.
It is expected that in the future, more cities may follow up on the down payment policy, and there may be innovative moves in optimizing the second-home policy.
In response to the decline in the down payment ratio, mortgage interest rates continued to decline.
The Shell Research Institute released data on mainstream housing loan interest rates in key cities, showing that in September 2022, the mainstream first-home loan interest rates in 103 key cities monitored by the Shell Research Institute were 4.15%, and the second-home loan interest rates were 4.91%, down 17% from the previous month respectively. basis points, 15 basis points.
Purchase inquiries in some areas
Significant increase
On September 22, a reporter from "Securities Daily" contacted a number of banking institutions and real estate agencies in the aforementioned regions to understand the dynamics of all parties after the policy was introduced.
"After the adjustment of the down payment ratio policy, there are indeed many customer inquiries recently," a staff member of the personal loan department of a large state-owned bank in Tianjin told reporters that the down payment ratio for the second home was reduced from 60% to 40%, and the first home remained unchanged.
Mortgage interest rates have not changed, the first home loan interest rate is still 4.1%, the second home loan interest rate is 4.9%.
The credit manager of a major state-owned bank in Zhengzhou told reporters that recently, the down payment ratio for second homes in Zhengzhou's purchase-restricted areas has dropped to 40%, and the down payment ratio for first homes has remained unchanged at 30%.
A relevant person in charge of the bank said that at present, the bank has not received a notice of downward adjustment, and the down payment ratio for the second home is still 60%.
In addition, Xingtai recently released a new policy on provident fund loans, the down payment ratio for the purchase of the first home is reduced from 30% to 20%, and the down payment ratio for the purchase of a second home is reduced from 60% to 40%.
A real estate agency broker in Haikou told reporters that the down payment ratio for a second home has dropped to 40%.
For those who are interested in buying a second set of homes, the new property market policy has lowered the threshold to some extent, helping to stimulate and improve the release of demand.
Many homebuyers talked to reporters about their feelings after the policy was released: "A lower down payment can ease the current financial pressure, and they will consider replacing a new house."
However, Liu Lijie, a market analyst at the Shell Research Institute, pointed out that the current market repair is blocked, and the later market repair still needs a loose credit environment as the basis.
Guan Rongxue said that since September, a new round of policies has followed, with the relaxation of purchase restrictions and mortgage down payments in many cities. Coupled with the traditional peak sales season, the promotion and promotion of housing companies will increase, and the transaction volume will be increased. There is a high probability that it will increase compared with July and August, but the popularity may not be as good as last year.
In Mingming's view, the continued implementation of local policies is a process of gradually accumulating quantitative changes, but it may not be able to undergo qualitative changes in September and October.
From now until the end of the year, the real estate market will still fluctuate, and it is difficult to realize the so-called "golden nine and silver ten".
However, the demand for housing prices in core cities is generally resilient, and first- and second-tier cities will steadily decline.
(Securities Daily)