Hypostat 2015

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Annex: Explanatory Note on Data A. The Mortgage Market 1. Total Outstanding Residential Loans Total amount, end of the year, EUR million Total residential loans on lender’s books at the end of the period. The definition of residential loans can vary somewhat across EU27 countries, depending on the collateral system and the purpose of the loans. Some countries only integrate secured residential loans, while some others include both secured and non-secured loans. In some countries, this collateral is generally the property, whilst some others favour a system of personal guarantees. Regarding the purpose, a few countries exclude residential loans whose purpose is above all commercial (such as purchasing a building to let). In addition, there are some methodological differences across EU27 countries regarding the statistical treatment of loans made for renovations of existing dwellings: under some assumptions, some of these loans can be considered as consumption loans. The conversion to EUR is based on the bilateral exchange rate at the end of the period (provided by the European Central Bank). For some countries (such as Hungary), this conversion is partly unreliable since a significant share of outstanding loans is denominated in CHF. 2. Change in Outstanding Residential Loans End of period, EUR million Year-on-year changes in Table 2. It also corresponds to new residential loans advanced during the period minus repayments. 3. Gross Residential Loans Total amount, EUR million Total amount of residential loans advanced during the period. Gross lending includes new mortgage loans and external remortgaging (i.e. remortgaging with another bank) in most countries. Internal remortgaging (i.e. remortgaging with the same bank) is not included, unless it is otherwise stated. The conversion to EUR is based on the average bilateral exchange rate over the given year (provided by the European Central Bank). Denmark: Denmark the figure does not include second homes. Italy: Includes the total value of residential loans during the period, including new lending and remortgaging/refinancing of existing loan on same property. Spain: Total amount of loans and credits to households. Sweden: The figures covers only gross lending by mortgage institutions. New mortgage lending from banks are not included. 4. Representative Interest Rates on New Residential Loans, % This series aims at providing the most representative figures on interest rates on mortgage loans in the EU 28 countries and beyond. For most of these countries, the source of the data is the European Central Bank (ECB), which in turn collects data from the respective national central bank. The ECB’s definition of the interest rate reported is the following: “Dataset name: MFI Interest Rate Statistics; BS reference sector breakdown: Credit and other institutions (MFI except MMFs and central banks); Balance sheet item: Lending for house purchase excluding revolving loans and overdrafts, convenience and extended credit card debt; MFI interest rate data type: Annualised agreed rate (AAR) / Narrowly defined effective rate (NDER); BS counterpart sector: Households and non-profit institutions serving households; Currency of transaction: Euro; IR business coverage: New business” The data provided normally refers to weighted averages. Below is a list of countries for which the above does not apply (at least in part): Bulgaria: Weighted average of interest rates on loans for house purchase, excluding revolving loans and overdrafts, convenience and extended credit card debt, BGN (the monthly data is based on the average of observations through the period); Source: Bulgarian National Bank (BNB). Croatia: Weighted average interest rate on HRK housing credits indexed to foreign currency (to households); Source: Croatian National Bank. Czech Republic: Weighted average mortgage rate on loans to households for house purchase; Source: Hypoindex until 2012; Czech National Bank from 2013. Denmark: Interest rates on new domestic mortgage loans excluding revolving loans from mortgage banks, weighted average. Data prior to 2013 refers to mortgage loans only in DKK, whereas data from 2013 onwards refers to a weighted average of loans in DKK and EUR. There is a series break in 2013 due to the changing definition of MFI and household. Greece: Initial fixed period interest rate up to 1 year on loans for house purchase, excluding revolving loans and overdrafts, convenience and extended credit card debt, EUR (the monthly data is based on the average of observations through the period); Source: National Bank of Greece. Hungary: Weighted average rate of housing purpose residential loans with different interest rate periods. The data is the average rate over the year. Source: National Bank of Hungary. Lithuania: Total initial rate fixation on loans for house purchase; Source: Bank of Lithuania. Luxembourg: Initial fixed period interest rate up to 1 year on loans for house purchase; Source: Central Bank of Luxembourg. Malta: Weighted average of interest rates on loans for house purchase to households and NPISH; Source: Central Bank of Malta. Poland: Weighted average interest rate on housing loans; Source: National Bank of Poland. Romania: Mortgage loans granted in EUR with a maturity of 10 years or more with a charged rate fixed for 1 year; Source: National Bank of Romania. Spain: Initial fixed period interest rate up to 1 year on loans for house purchase, excluding revolving loans and overdrafts, convenience and extended credit card debt, EUR, (the monthly data is based on the average of observations through the period); Source: European Central Bank. Sweden: Housing credit institutions’ lending rates on new agreements with variable interest rates, to Swedish households (incl. NPISH) and nonfinancial corporations. Variable interest rates are defined as interest rates up to 3 months fixed interest rates. United Kingdom: Weighted average interest rate on loans secured on dwellings, GBP; Source: Bank of England. Iceland: Average of the lowest mortgage interest rates provided by lending institutions for indexed housing loans; these mortgage interest rates are real mortgage interest rates (nominal mortgage interest rates adjusted for CPI inflation). Russia: Weighted average interest rates of total new housing mortgage lending in RUB; Source: Central Bank of Russia. Turkey: Weighted average interest rates for banks’ loans in TYR; Source: Central Bank of the Republic of Turkey. United States: Contract interest rate on 30-year, fixed-rate conventional home mortgage commitments. Source: Federal Reserve. 112 | 2015 EMF HYPOSTAT
Annex: Explanatory Note on Data 5. Total Outstanding Non-Residential Mortgage Loans Total Amount, end of the year, EUR million Total non-residential loans on lender’s books at the end of the period. Typically, these loans are the mortgage loans whose main purpose is not residential. The sum of “Total Outstanding Residential Loans” and “Total Outstanding Non-Residential Mortgage Loans” gives the total outstanding housing loans. 6. Total Outstanding Residential Loans to GDP Ratio, % Total Outstanding Residential Loans is provided by the European Mortgage Federation (Table 1). GDP at current prices is provided by Eurostat (Table 24). 7. Total Outstanding Residential Loans to Disposable Income of Households Ratio, % Total Outstanding Residential Loans is provided by the European Mortgage Federation (Table 1). Data on Disposable Income of Households at current prices is provided by the European Commission (AMECO Database) (Table 25). 8. Total Outstanding Residential Loans per Capita Population over 18, EUR Total Outstanding Residential Loans is provided by the European Mortgage Federation (Table 1). Data on population is provided by Eurostat and the US Bureau of Census, and concerns the population whose age is 18 years or more (Table 26). B. The Housing Market 9. Owner Occupation Rate, % Distribution of population by tenure status: owner; Source: Eurostat. 10. Building Permits Number issued A building permit is an authorisation to start work on a building project. As such, a permit is the final stage of planning and building authorisations from public authorities, prior to the start of work. In Hypostat, the building permit concerns only dwellings. 11. Housing Starts Number of projects started per year Number of new residential construction projects that have begun during a given period. Housing Starts is usually considered to be a critical indicator of economic strength (since it has an effect on related industries, such as banking, the mortgage sector, raw materials, employment, construction, manufacturing and real estate). 12. Housing Completions Number of projects completed per year Number of new residential construction projects that have been completed during a given period. Housing Completions is directly integrated into the dwelling stocks and, as such, is a determinant of the housing supply. 13. Real Gross Fixed Investment in Housing Annual % change Real Gross fixed capital investment in housing is measured by the total value of producers’ acquisitions, less disposals, of new dwellings during the accounting period; Source: Eurostat, OECD. 14. Total Dwelling Stock Thousand units According to the “1993 SNA” (System of National Account), dwellings are buildings that are used entirely or primarily as residences, including any associated structures, such as garages, and all permanent fixtures customarily installed in residences; movable structures, such as caravans, used as principal residences of households are included. For many countries, the yearly change in total dwelling stock is above the number of yearly completions because these two variables have been created with different methodologies. 15. Number of Transactions Total number of new or second hand dwellings purchased or transferred in the period, including those occupied for the first time. The national methodologies used to calculate this index are the following: EU28 Belgium: transactions on second hand houses only. Croatia: number of new dwellings purchased. Denmark: excludes self-build. Finland: all dwellings. France: new apartments as principal and secondary residence or rental. Ireland: estimate based on mortgage approvals until 2011. Latvia: new or second hand real estate purchased or transferred, including those occupied for the first time. Netherlands: includes commercial transactions. Romania: includes commercial transactions. Sweden: from year 2000, not only one-family homes are included in the transaction figures but also apartment transactions. NON EU28 USA: number of existing home sales. 16. Nominal House Prices Indices, 2006=100 Indices computed to reflect the changes in house prices observed over the period. Eurostat data is used for a number of countries. The data description is as follows: Eurostat: House Price Indices (HPIs) measure inflation in the residential property market. The HPI captures price changes of all kinds of residential property purchased by households (flats, detached houses, terraced houses, etc.), both new and existing. Only market prices are considered, self-build dwellings are therefore excluded. The land component of the residential property is included. These indices are the result of the work that National Statistical Institutes (NSIs) have been doing mostly within the framework of the Owner-Occupied Housing (OOH) pilot project coordinated by Eurostat. For the countries for which Eurostat data is not employed, the following national methodologies are used to calculate the published indices: EU28 Austria: The RPPI for Vienna and for Austria excluding Vienna (regional breakdown) is a so-called “dummy index.” It is calculated on the basis of the euro price per square meter for new and used condominiums and for single-family houses. The dummy index is calculated by Vienna University of Technology on the basis of data provided by the Internet platform Ametanet of the Austrian real estate software company EDI-Real. The calculation uses a hedonic regression model with a fixed structure over time. This approach may produce biased estimates if the effects of the variables change over time. Source: OeNB. Bulgaria: annual average market price index of dwellings, flats in the district centres (new flats are excluded); Source: National Statistical Institute. 2015 EMF HYPOSTAT | 113
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Contents Foreword..................
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Foreword Finally, in the spirit of
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Housing and Mortgage Markets in 201
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Mortgage Lending in Foreign Currenc
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EU 28 Country Reports Austria By Wo
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EU 28 Country Reports Belgium By Fr
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EU 28 Country Reports Bulgaria By M
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EU 28 Country Reports Croatia By Al
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EU 28 Country Reports Cyprus By Ioa
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EU 28 Country Reports Czech Republi
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EU 28 Country Reports Mortgage Fund
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EU 28 Country Reports Estonia 2013
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EU 28 Country Reports Finland Fact
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EU 28 Country Reports Mortgage Fund
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EU 28 Country Reports Germany By Th
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EU 28 Country Reports Greece By Cal
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EU 28 Country Reports Greece Fact T
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EU 28 Country Reports years will be
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EU 28 Country Reports Ireland By An
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EU 28 Country Reports Ireland 2013
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EU 28 Country Reports At the end of
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EU 28 Country Reports Latvia Fact T
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Page 85 and 86: Statistical Tables A. The Mortgage
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Page 107 and 108: Statistical Tables - Macroeconomic
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