There was enough buzz in the housing market last autumn. According to the Bank of Finland, December was a record December for new mortgages, and in September – December, new mortgages were raised by more than 13 per cent more than in the corresponding period in 2019. What does this say?
“There is no housing bubble in Finland. The rise in house prices has gone hand in hand with the rise in disposable income ”, Nordean Vice President, Retail Business Sara Mella says in the Market Council broadcast.
Mella and the manager Lassi Järvinen Taalerista consider that the interest rate pandemic has also contributed to the brisk demand for mortgages.
“The home has become even more important for Finns, and more time is spent at home. Last year, there has been an awakening to renovations or changes to bigger ones. In addition, the mortgage is really cheap, ”says Järvinen.
Mella thinks it’s a good thing that when a shock like an interest rate pandemic strikes, banks come across mortgage debtors with different elasticities. The same lines are Rental security Chairman of the Board Timo Metsola.
“When it comes to a few dramatic situations in a few weeks, showing the flexibility of banks is a much better option than inflexibility,” says Metsola.
Source: Arvopaperi by www.arvopaperi.fi.
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