German Mortgage Lending Stabilising at Best
The volume of new German mortgages in April 2023 remains around 50% down on the same period last year. It is also down 14.8% compared to a seasonally strong March 2023.
The total new mortgage business of €13.0bn in April 2023 is the worst reading for an April on record (the time series starts in January 2003). Looking at SCHUFA requests it is hard to see how May will be better.