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According to data from the National Institute of Statistics (INE), mortgage lending on housing rose by 14% in the whole of 2016 compared to the previous year, reaching 281,328 firms. The average amount of these loans was 109,759 euros, 2.8% more than in 2015. Likewise, the loan capital stood at 30,878.4 million, an increase of 17.2%. Andalusia, the Community of Madrid and Catalonia were the regions where most mortgages were granted in 2016. The autonomy that grew the most from year to year was the Valencian Community (24.3%). All the autonomies had positive annual variation rates, being Galicia (2.9%) and Navarre (2.2%) less.

According to Manuel Gandarias, director of the Office of Studies of pisos.com, “the mortgage concession has shown good performance throughout 2016, posting double-digit growth for the year as a whole.” On the other hand, the expert indicates that “three out of four homes sold are financed by mortgage loans, while the percentage of fixed mortgages continues to gain ground on variables.” In this sense, Gandarias admits that “the stability of the monthly quota in the face of unexpected fluctuations of it is the option that they choose increasingly mortgaged, preferring greater security in the long-term purchase.”

Looking ahead, the spokesman for the real estate portal points out that “we must be attentive to the movements of the banking system, which has already begun to make loans more expensive because of the legal arguments raised by the clause on land or the costs of formalization.” Recent rulings “seem to be affecting financial institutions’ income statements,” said Gandarias, an aspect that “could hamper the flow of credit to families, hardening conditions.” However, Gandarias says that “the labor market situation would also be behind a susceptible slowdown in mortgage lending.”