New production of housing loans in the eurozone in the first five months of this year was more than 60% below last year's volume, and the number of housing transactions has also seen a significant drop.
In the first quarter of 2023, for instance, they fell 23% in Belgium and the Netherlands compared to the previous quarter, 16% in France, and 8% in Spain.
Rising interest rates drive affordability to historically low levels.
Higher for longer rates will keep additional pressure on affordability through 2024.
