Manya Rathore
Research expert covering India
Mortgages in Europe - statistics & facts
In Europe, mortgage interest rates have risen dramatically since 2022, making home financing more expensive and leading to a worsening homebuyer sentiment. To tackle soaring inflation, the European Central Bank introduced a series of aggressive interest rate hikes, which resulted in higher interest rates for mortgage loans by banks and other lending institutions. Between 2022 and 2023, mortgage rates in many countries increased more than double. In the UK, the value of new mortgage loans in the first quarter of 2023 declined by approximately 34 percent from the same period in 2022. In Germany, mortgage lending more than halved between March 2022 and October 2023.
