Mortgages Up and Down This Summer

The National Institute of Statistics (NIE) has released data that shows a drop in the number of mortgages issued for Spanish homes in July.

29,523 new mortgages were issued and the total value of the mortgages during July totaled 3.27 billion euros, which represents a 51.8 percent drop over July 2010.

On a monthly basis, housing mortgages dropped by 9.7% in July, while the average price of a home increased by 1.1%.

The NIE said average mortgage values decreased by 7.4% year-on-year to 123,648€ during July, but moved up 2.6% compared to June.

August is expected to show more promising figures due to July’s drop in sales tax on new home house purchases from 8% down to 4%.

Enquiries for Spanish property increased 7% in August compared with the same period last year, according to Conti, the UK’s leading overseas mortgage specialist.

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