The beginning of October brought a surprising decision to cut interest rates by the MPC by as much as 0.5 percentage point. Analysts expected a 0.25 pp cut, however WIBOR was falling since the beginning of August, which led to the supposition that the market expects more correction. BGK has also published new indicators that will be applicable this quarter in the “Apartment for the Young.”
The average values of the conversion index of the cost per square meter of usable floor space increased in most locations. This means that in the last quarter of 2014, more expensive properties will be eligible for subsidies in the “Apartment for Youth” program, and that higher subsidies will be available.
The largest increase, in the case of cities being the seat of a voivode or voivodship parliament, is recorded in Warsaw. The value of the indicator was increased from $ 5 569 to $ 5 984 (increase by 7.5%). People who qualify for a 10% subsidy will receive almost 30,000 dollars, and almost 45 thousand will receive program beneficiaries benefiting from 15% support. In the case of cities neighboring voivodship cities, limits increased the most in communes neighboring Lublin. The ratio increased by 11.7% from $ 3 391 to $ 3 787. Similarly in the case of other communes – the largest increase occurs in the Lubelskie Voivodeship. From October 1, the index increased from $ 2,900 to $ 3,522.
The meter increases by $ 46
The maximum price per square meter of real estate is the value of the indicator published by BGK, multiplied by a factor of 1.1. It should be noted that only in 6 locations, the metro price increased by more than $ 200. If we calculate the average, only from those locations where the limits have been increased, it will be around $ 131, while taking the average from the whole country, the difference will be only $ 46.
The MPC surprised
The beginning of October is also a decision on interest rates. The Monetary Policy Council surprised economists and decided on a larger than expected cut. The main interest rate was reduced by 0.5 percentage point to 2 percent. WIBOR 3M, which is the base rate for most mortgage loans, however, began to decline from the second week of August. Thanks to this, we can already observe the first decreases in interest rates on loans, however, banks update the base rates with a delay, which is why we can expect larger corrections in the coming months. A lower interest rate results in a lower loan installment, and at the same time increases creditworthiness.
The creditworthiness for both family and single is increasing for the third month in a row. While maintaining margins at an unchanged level and the remuneration of individual borrowers lower by almost $ 72, the increase in capacity in September is mainly due to lower interest rates on loans. Due to the October interest rate cut and further strong drops in WIBOR in the coming months, we can expect further increases in capacity.
The average family creditworthiness in September amounted to $ 453,432 and was 0.9% higher than a month earlier. The borrowers had the highest capacity at Superpenny Bank, where they could receive a loan of $ 494 thousand. Golden. They would receive two thousand less at Bank Savers , and 474 thousand. USD in Bank Millennium.
The bank’s margin increased by only 0.01 percentage point on a month-to-month basis, which is an increase of 0.13 percentage point over the last 12 months.