Bank of Spain Statement
21 January 2020 – Expansión
During the period October to December 2019, demand for mortgages recorded its largest decrease since 2013, due to the poor outlook for the housing market and, to a lesser extent, regulatory and tax changes.
That is according to a survey about bank loans published by the Bank of Spain, which reveals that consumers are suffering from a reduction in confidence, and so are drawing on own funds and other sources over mortgages to finance their property purchases.
Moreover, the deterioration in the economic outlook and consequent increase in the perceived risk has led financial institutions to tighten up their lending criteria in terms of amounts, terms and collateral.
Original story: Expansión
Translation/Summary: Carmel Drake
Source: Aura Real Estate Experts