Grupo Vapf

The amount of mortgages granted by banks is on the increase

The Spanish mortgage market grew by 29.5% in the month of June 2010, in annual terms, the Spanish financial institutions lent 9.054 million Euros to families for home purchases, according to data released by the National Bank of Spain, Banco de España, and the Spanish Mortgage Association, Asociación Hipotecaria Española (AHE).

According to the various types of entities, banks granted credits in June amounting to 4.010 million euros, 55% more, while the saving banks, most affected by the restructuring of the financial system, lent 14.7% more, up to 4.625 million.

As for the six month balance, the financial institutions conceded 36.962 million euros in credits for house purchases from January to June. This represents a slight increase of 0.2% over the same period last year.

This slight increase in credits was due to the impulse given by the banks, which increased their loans to families for the purchase of a property by 19.8% to 15.119 million euros. On their side, the savings banks, which provide more value, reduced the credits  by 12%, to 18.487 million euros in the first half of the year.