2023-06-13 12:03:06
Margaux Fodéré with AFP / Photo credit: GARO / PHANIE / PHANIE VIA AFP
While the French real estate market has been going through a demand crisis in recent months, the authorities are trying to redress the situation. If the debt ratio and the maximum duration of a loan do not change, the latter offer to be able to derogate more easily from these rules, in particular during rental investments.
It is an almost unprecedented fall. The real estate market should fall by around 15% in 2023, forecasts this Tuesday the boss of the National Real Estate Federation (Fnaim), Loïc Cantin on Europe 1. France is thus sinking a little more in the housing crisis. So how do you fight this crisis and return to a more normal situation? The High Council for Financial Stability delivered its opinion on the matter on Tuesday morning. Unsurprisingly, the maximum debt ratio for borrowers remains unchanged, as does the maximum mortgage duration. On the other hand, it will be possible to derogate more easily from these two rules.
Thus, the regulations now provide for an exemption for 20% of mortgages. It aims above all to favor households seeking to acquire their main residence, in particular first-time buyers. But, in the current market, gripped by the rise in interest rates, the High Council for Financial Stability has also decided to give banks more leeway, by allowing them to extend this principle to rental investments. The share of loans free of affection for all types of real estate products, including rental investments, will thus increase from 20% to 30%.
A production of real estate loans at half mast
No major change, however, concerning the two main rules of access to credit, the Banque de France had already shown reservations on the subject. Bercy has also returned to the usury rate, a ceiling credit rate intended to protect the borrower. As announced by the government at the beginning of the month, the monthly payment for the revision of this rate, previously updated every quarter, is well underway until the end of the year.
But these announcements risk disappointing a number of real estate players who are facing declining demand. Since last October, thehe production of real estate loans in France has fallen below the average of the last five years, according to the Banque de France and the broker Meilleurtaux.com. Today, more than one out of two loan applications is refused by the bank.
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