The share of mortgage transactions has reached a historic low
The share of transactions with a mortgage in the secondary market set another record, dropping to 20%, which was a historic low, told "Izvestia" in the federal company "Etazhi".
"In 2023, the share of transactions with mortgage in the secondary market was in the range from 51 to 61%, in the first half of 2024, 44.7% of buyers of ready housing used credit funds, and starting from July 2024 there was a sharp decline in mortgage transactions to 30-35%, which by the beginning of 2025 came to 20%" - shared observations Deputy head of the mortgage department of the federal company "Etazhi" Tatiana Reshetnikova.
According to her, in the first half of last year on the market was a relatively large share of those buyers who with the help of mortgages to complete the missing amount to buy a larger apartment. This category of buyers was ready to take out a mortgage and at high rates, because, as a rule, they lacked for a new home no more than 20-30% of its value. Now the share of such buyers continues to decline due to the increased average terms of sale of apartments in the secondary market.
"Demand for market mortgages over the past six months has decreased by multiples, and this applies to both secondary and primary real estate. In new buildings are dominated by preferential mortgage programs and various installments from developers, in the secondary - most of the buyers with cash, and they have become more flexible in the choice of objects, selecting them under their available budget without borrowing," - explained Reshetnikova.
The expert believes that the prolonged period of high rates on market mortgages will stimulate the development of alternative forms of purchase and sale of secondary housing in the form of exchange, installments between the seller and the buyer, including with interest accrual, renting with subsequent purchase, as well as make again relevant trade in the housing market.
"The need to improve housing conditions can not cancel high mortgage rates, so those who are interested in buying or selling real estate, will look for alternative ways," - summarized the expert.
Earlier, on January 4, Managing Director of the company "Metrium" Ruslan Syrtsov said that in 2025 the growth of the cost of secondary housing in Russia is not expected. According to him, only certain objects with sought-after characteristics will become more expensive, for example, apartments with high-quality repairs from flippers. A significant drop in prices in the secondary market is possible if the volume of supply multiplies or political cataclysms occur.
