German Mortgage Lending More Than Halves
The volume of new German mortgages in February 2023 more than halved compared to the same period last year. The 54% decline is the worst on record. The decline in March will be even worse due to a base effect, given the record new business of €32.3bn in 2022.
The total new mortgage business of €12.0bn in February 2022 is the lowest in more than 12 years (since February 2010) and this does not even take into account house price inflation.