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Black January for Mortgages as Issuance Falls by 32%

According to the INE, the number of residential mortgages issued fell by 31.6% in January to 27,518, extending the declines to four consecutive months.

Housing sales are still suffering from the effects of the Covid-19 pandemic. This is particularly the case for existing homes, the most commonly sold.

According to figures published by the National Statistics Institute (INE), the drop has been reflected in the number of mortgages issued for home purchases, which posted its fourth consecutive fall in January, according to figures published by the National Statistics Institute (INE).

The mortgage market has not only declined once again; it has steepened since the previous month (December 2020), when it recorded a decline of 14.8%. In January 2021, mortgages suffered a drop of 31.6% to 27,518.

On the other hand, the average mortgage amount increased by 13.5% to 129,003 euros. The average value of mortgages on the land registers’ properties (from deeds registered in the land registry) stood at 143,845 euros in January, 11.9% higher than in the same month in 2020.

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