The state of affairs threatens financial stability
The central bank said in its published report “Financial Stability Survey” that the potential to increase demand for housing through cheaper lending has been exhausted. The key factor was the dynamics of housing prices and household incomes.
A sharp rise in the price of housing began, but at the same time, according to the regulator, its availability for mortgages increased due to an increase in lending terms and a decrease in rates. According to available data, on average, respectively, up to 233.8 months and 7.23% on April 1.
In the II quarter of 2019, a mortgage payment of 1 thousand rubles. per month allowed servicing a loan of 96 thousand rubles, then in the IV quarter of 2020 – already 121 thousand rubles. But with an increase to 240 months and a decrease in the rate to 7%, the value of this indicator will not exceed 130 thousand rubles. In turn, it will be leveled out already with a 6% increase in housing prices – if prices continue to rise at the level of 2020, it will occur within 2 quarters.
This state of affairs threatens financial stability if the housing affordability program continues. Also, the reason for the rise in prices was the shortage of new buildings.
As a result, according to Rossiyskaya Gazeta, a double-digit rise in prices in 2020 was a decrease in the purchasing power of wages in respect of residential real estate. At the beginning of 2020, an average salary could buy 0.76 sq. m of residential real estate, then by the beginning of this year – 0.67 sq. m.