HMLA notes rise in demand for housing loans

"Mortgage die" - something like a year ago heard the headlines. In a crisis, housing lending has become even less affordable than it was before: twice the size of the initial contributions grew, the banks went to the refusal to issue loans. This year the Russians back the mortgage. The results of the first half, which has brought in its report the Agency for Housing Mortgage Lending (AHML), indicate a steady recovery in demand for apartments in the loan. From January to June issued 107 000 mortgage loans totaling 133 billion rubles, calculated in AHML, based on data from the Central Bank. Compared with last year's indices increase almost 2.5 times. Forecast AHML: end of the year people will be granted mortgage loans worth 320-360 billion rubles. What was the cause of activation of the mortgage market? First, a general improvement in economic conditions still remain such "vestiges" of the crisis, as the price of housing. According to the Agency, the average price per square meter of Russia in the secondary market amounts to 59 rubles per square meter, in new - 48 thousand rubles. This is a 12 per cent and 0.7 per cent respectively more than in 2009. That is, the return to pre-crisis highs have not yet happened. True, the further price behavior expert opinions today differ. Some argue that the growth of interest in the property (even in the form of mortgage) necessarily drags along and price per square meter, and by the end of 2010. Specialists of the analytical center "Indicators of Real Estate Market", in turn, give prices for the excitation of at least another two or three years. The second reason for the improvement of the situation with the mortgage banking analysts believe the change in policy, primarily due to government support measures. Against the backdrop of low inflation, the first half was characterized by a gradual decrease in interest rates. Rates on ruble loans fell by 0.8 per cent to 13.5 per cent per annum for foreign currency - by 1.6 percent to 11.1 percent per annum. Further rate cuts HMLA analysts do not forecast due to reduced size of the down payment to 20 percent. "Credit institutions, given the high risk loans with lower down payment, it will inevitably be reflected in the level of interest rates on such products, although the rates for loans with higher down payment will continue to decline," - the report indicates AHML. Analysts agencies pay attention to the fact that the share of large banks (notably Sberbank) in the structure of mortgage loans fell for the first time since the crisis began. According to the agency, in the first six months it dropped to 60 percent (minus 8 percent). Small banks, however, became more active to issue mortgage loans than their "elders." In the first place by relaxing conditions for granting loans and lower interest rates. According to AHML in July denominated mortgage rates were the highest on the market just at the major banks - almost 13.9 percent. The lowest rates for loans in rubles was offered small banks: in the first half of the year they were 11.8 percent, largely due to the fact that these banks are working on standards AHML, implying a relatively low rate. However, the further decline in the share of the largest players in the amount of mortgage loans, market participants do not expect, as the rates in large and small players are gradually converging. The question of further sustained growth of real estate market, including mortgage lending, analysts HMLA associated with restoring demand for housing. According to most experts, it is still quite weak. Help "RG" The volume of overdue mortgage loans continues to grow. During the first six months of debt to the banks of the population amounted to 38.6 billion rubles.