We went home: the demand for secondary mortgages is growing rapidly
In August 2025, the number of mortgage applications for the purchase of an apartment in the secondary housing market jumped by 22.6% compared with July, analysts said. The activity of buyers in this segment of real estate has been the highest since the beginning of the year. But many are still taking a wait-and-see attitude, waiting for another key rate cut, experts noted. However, if credit conditions start to improve, buyers will flood into the market, which may lead to a shortage of supply, and consequently prices will rise. About what the mortgage market in the secondary market will be like this fall, see the Izvestia article.
Why has the number of mortgage transactions increased?
After the Central Bank lowered the key rate, the activity of buyers who plan to buy an apartment with a mortgage in the secondary housing market increased — the number of such applications increased by 22.6% in August compared to July, analysts told Izvestia. In July of this year, the Central Bank lowered its key rate from 20% to 18%.
If we compare August of this year with June, the growth was 37%, according to the data from the Tymy IT platform.
"By the end of August, we see that many buyers are taking a wait—and—see attitude, keeping their finger on the pulse and actively monitoring opportunities, responding even to such small shifts as, for example, a reduction in the key rate to 18% per annum," said Alexander Perevoznikov, head of the Tymy.Realty project. — At the same time, it is obvious that not all potential buyers are optimistic and expect further rate cuts. Many prefer to get possible approval from the bank already on current terms.
The share of mortgage applications for the purchase of secondary real estate has indeed increased, Yulia Dymova, director of the Est-a-Tet Department of Secondary Real Estate, confirmed.
"However, the actual number of approved applications is significantly lower than potential customers, since not everyone who is considering purchasing an object with a mortgage meets the new parameters of banks for borrowers," she said. — Thus, despite the increase in the number of requests for the purchase of real estate using a mortgage, not all are approved.
The reduction in the key rate in July led to a sharp increase in the number of mortgage applications on the secondary market by 22.9%, and the trend continued in August, added Tatiana Reshetnikova, Deputy head of the mortgage department at the federal company Etagi. The number of leveraged transactions in the secondary market increased by 18% compared to July.
"After a year and a half of high mortgage market rates, a huge amount of pent—up demand has accumulated," she explained. — And if after a period of cheap mortgages at 8-9%, rates of 20 percent or more were frankly frightening to many, now we are seeing the opposite effect: rates at 18-19% compared to 27-30% are already perceived more calmly by those who are interested in improving housing conditions.
The number of mortgage transactions increased by about 12-15%, Ilya Frolov, managing partner of the development company STENOY, agreed. However, the growth in the number of applications is still being held back by the high mortgage rate.
"Despite the high rates, people still take out mortgages, as in most cases borrowers expect a further reduction in the key rate, which will allow them to refinance the previously concluded mortgage agreement after some time," he said.
The preliminary results of August, in addition to the surge in the segment of mortgages for secondary housing, also show a slight revival in demand for refinancing existing loans and for consumer lending.
"The level of activity is still noticeably lagging behind last year: in August 2024, the number of mortgage applications for ready—made housing was 25% higher than in August 2025, but the growth in activity in the segment was the highest since the beginning of this year," added Alexander Perevoznikov.
What will happen to the secondary mortgage
Today, the mortgage market is mainly supported by government subsidy programs, such as family or IT mortgages, said Vladimir Komlev, managing partner of the Bildservice construction company.
"Less than 30% of those who wish can purchase housing at market rates, and this opportunity also depends on the region of presence," he said. — In a number of regions, citizens are practically deprived of the opportunity to buy an apartment not only at market rates, but also under preferential programs due to the strong difference between the value of real estate and income.
In addition, an important role for those wishing to improve living conditions is played by the changing banking conditions for issuing mortgages in the direction of tightening, as well as a high initial payment, experts say.
"One of the reasons for waiting is that people are simply saving up," he said. — I would like to add that the gradual reduction of the "key" will have a positive impact on the real estate market, but we will be able to observe a real boom with a parallel easing of banking policy towards borrowers.
The reasons for the growing interest in mortgages are as follows: firstly, the reduced interest rate in a number of banks has approached less than 20% per annum, crossing the psychological barrier for buyers, Yulia Dymova added. This had a positive impact on making purchase decisions.
"In addition, pent—up demand has intensified among those buyers who lack a small amount to complete the transaction," the expert added. — We are talking about the purchase of an apartment intended directly for living by clients for whom funds on deposits are only a financial instrument. Many buyers make up for the lack of funds at the expense of previously accumulated savings, increasing the volume of loans to the level of 5-7 million rubles.
However, the growth in demand provokes a record, average discount rate in the secondary market, which reached 6.5% in July-August, Tatyana Reshetnikova added.
— The terms of sale of finished housing have increased, and some owners are ready to reduce the price for real buyers, sometimes by 10-15% of the initial offer price, — she noted.
Buyers are delaying the purchase because they are waiting for the sale of their existing real estate to repay the loan, and they are also counting on the subsequent optimization of the financial burden due to a potential reduction in interest rates and possible refinancing of obligations, Yulia Dymova believes. Thus, the revival of the mortgage market is becoming a catalyst for the development of the secondary real estate segment in 2025.
If the key interest rate continues to decline actively, and with it mortgage rates, the accumulated pent-up demand will begin to be actively realized, and this may provoke a new wave of price growth in the secondary market, experts say. Over the past few months, prices in the secondary market have been declining, and the discount has been growing due to a shortage of buyers plus a seasonal decrease in activity in the housing market.
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