European banks are on course to record zero growth in mortgage lending for the first time in a decade this year because of high interest rates, but a recovery is expected from 2025.
Borrowers have been put off taking out new mortgages in the Eurozone over the past couple of years as the European Central Bank raised interest rates to record levels after an extended period of negative rates.
Mortgage lending in the Eurozone is expected to show no growth at all this year, down from 4.9 per cent growth in 2022, according to an EY analysis of data from the European Banking Authority and national banks in Germany, France, Spain and Italy.
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