Arezzo, 19 June 2024 – Ffinally positive signs from the world of mortgages for home purchases: according to the analysis by Facile.it and Mutui.it, in the first four months of 2024 in Tuscany the request for financing increased by 18% compared to the same period of 2023. The average amount requested (+0.7%) and the value average of properties subject to mortgage (+2%).
«2023 was a complex year for the mortgage market, hit by the increase in interest rates and by less economic availability on the part of families, already struggling with the increase in inflation», explain the experts at Facile .it. «2024, however, started positively, with increasing demand, driven above all by the improvement in the conditions offered by banks for fixed rates, which has generated greater confidence among consumers towards the future.».
The applicant’s profile
Analyzing a sample* of over 18,000 mortgage requests collected online in Tuscany, it emerges that those who submitted a loan application in the first 4 months of the year aimed to obtain an average of 134,645 euros, an amount with a very slight increase (+0.7%) compared to to the same period of 2023. The average value of the mortgaged property is also growing, reaching 217,058 euros (+2%). The mortgage duration drops from 25 years to 24 years, while the average age of applicants reaches 41 and a half years (an increase of one year compared to 2023).
Limiting the analysis only to mortgage requests for the purchase of a first home, it emerges that the average amount requested in Tuscany in the first 4 months of 2024 was equal to 138,876 euros, a stable value (+0.2%) compared to the same period last year. The average value of the property drops slightly, equal to 195,839 euros (-1%). However, the average age of the applicant increases slightly (38 and a half years), while the duration of the repayment plan decreases (almost 26 and a half years).
Requests for subrogation are growing, driven by the favorable conditions offered by banks for fixed rates: between January and April 2024 this type of requests represented 29% of the Tuscan total, up by 9 percentage points compared to the same period of the previous year .
The provincial trend
Analyzing the mortgage requests collected in Tuscany between January and April 2024, some differences emerge at a local level.
Florence is the Tuscan province where the highest average amount was recorded (147,872 euros), followed by Lucca (139,058 euros) and Siena (135,690 euros). Values lower than the regional average for Prato (130,364 euros), Pisa (129,729 euros), Pistoia (129,075 euros), Grosseto (123,358 euros) and Massa-Carrara (122,612 euros). Closing the ranking, very close to each other, are Livorno (121,893 euros) and Arezzo (121,250 euros).
The offer and rates
On the supply front, Facile.it found that in the first four months of the year the conditions proposed by the banks were overall favorable, in particular for fixed rates, with decreasing indices driven by the decrease in the IRS.
Looking at the best offers** available today for a standard mortgage of 126,000 euros over 25 years (LTV 70%), the fixed rates start from a TAN of 2.87%, i.e. a monthly installment of 589 euros.
Even more advantageous indices for the so-called fixed rate green mortgages (for properties in class A or B): in this case the rates start from a TAN rate of 2.65% with a monthly installment of 574 euros.
The improvement in conditions also affected fixed rates on subrogation: today, those who want to change banks can find offers with TAN indices which, for an average mortgage, start from 3.05% equal to an installment of 600 euros (which drops to 578 euros in case of green subrogation).
However, the offer of variable rates is still off the market: the best rates start from 4.60% and an installment of around 708 euros.
