35% of Spaniards want to buy a house this 2018. The improvement of the economy, the existence of ‘cheap’ money (due to the monetary policy of the ECB) and greater access to credit mean that one in three Spaniards wants have a mortgage; although not all can. These are data that come from a well-known mortgage comparator in Spain, which reveals that 17% of Spaniards who want to buy a home have been seriously considering it in recent months.
The problem of a mortgage for young people: low salaries
The study, in which Spanish citizens aged between 18 and 65 years participated, affirms that the majority of those who want can not access a mortgage. Most have not saved enough money, remember that the financial institution grants you 80% of the money and the buyer must dispose of the remaining 20%. These figures also do not include various notary expenses, taxes and other purchase-sale expenses. If, at this point, you do not have sufficient liquidity, there is the option of requesting a microloan or loan.
This study shows that the group that most wants to buy a home saves more than € 300 per month. The low salaries and the temporary nature of many contracts among young people make a dent in the intentions of respondents between 26 and 35 years old, who say (one in five) that they will buy a house next year, but that their main problem is not to have done it before is employment.
The fixed mortgage, the best
If we are going to buy a home, we must know that the main reference indicator for mortgages, the maxibank, will continue on the floor, according to forecasts. Therefore, variable mortgages will remain attractive.
However, fixed mortgages, increasingly widespread, are expected to continue consolidating the upward trend in hiring that they have carried out since 2015. If in 2016 this type of mortgages represented 10.2% of the deed for housing, in 2017, the number of loan contracts of this type tripled to 36.8%. For this 2018, analysts expect half to be with a fixed mortgage.
The housing market picks up with the improvement of the economy
Experts point out that 2017 was the year of recovery and that 2018 will be the consolidation of the housing market, which resurfaces after several adjustments in the sector. Thus, the construction of 500,000 new homes is expected and, at least, the signing of 600,000 second-hand home sales.
In hemibank, we tell you about the evolution of the housing market in 2018. If you need a mini-loan or an advance of money, do not hesitate, we are here to help you.