| |
|
The Voice of the European Mortgage Industry
The European Mortgage Federation
|
|
Founded in 1967, the European Mortgage Federation is the voice of the mortgage industry at EU level.
It groups both national associations and individual lenders from the 15 long-standing European Member States, as well as representatives from the New Member States. Together, its members grant over 75% of residential and commercial mortgage loans in Europe.
The mortgage industry is a major driver of the EU economy, total residential loans outstanding at the end of 2007 are estimated at € 6.1 trillion, a 7.4 % increase on 2006.
|
|
|
|
|
|
|
In the Spotlight
The latest evolution of the main mortgage and housing market indicators in Europe.
- In the first quarter of 2009, in most Member States year-on-year growth rates in outstanding mortgage lending were still positive albeit slowing down.
- Year-on-year declines in new lending continued to be observed in almost all EU markets (with the exception of Denmark) bringing values to early 2000s levels.
- House prices fell further in year-on-year terms in all EU markets surveyed, with the exception of Poland.
- Mortgage rates continued to decrease as a response to the record cuts in central banks interest rates in the first months of 2009.
View Now
Following the announcement in the European Mortgage Federation’s Strategy for 2009-2010, the final version of the EMF’s Responsible Lending Standards is available here
The document represents the summary of the European Mortgage Industry’s reflections upon the subject of responsible lending and borrowing, and demonstrates the Industry's willingness to take stock of the current difficulties faced, responding to the subsequent need for increased transparency and confidence. The EMF's responsible lending standards are a statement of existing industry practice across the EU, which have proven to function satisfactorily.
The latest evolution of the main mortgage and housing market indicators in Europe.
- Final 2008 annual figures confirmed the trend of previous quarters. The general slowdown in outstanding mortgage lending resulted in annual growth rates which were still positive but almost everywhere lower than those recorded in 2007.
- New lending activity continued at reduced levels, and most EU markets recorded in Q4 2008 more severe year-on-year falls than in the previous quarters.
- House prices still recorded year-on-year falls as a result of the continued correction from record levels reached in some markets and the deterioration in homebuyers` confidence.
- Mortgage rates recorded moderate decreases on the previous quarter, after the repeated cuts in the ECB and BOE interest rates to historical lows, which especially benefited borrowers with non-fixed mortgages.
This edition also includes a Country Insight on Germany.
View Now
New updated Country Factsheet versions are available! The 2009 edition of the Country Factsheets presents a new layout and includes direct web-links to external, national and EMF statistical sources and publications. The countries covered so far include Belgium, Denmark, Germany, France, Poland, Portugal, Spain, Sweden and the UK.
View Now
After more than a decade of sustained growth, the European mortgage industry has been hit by the current global economic crisis, which was unforeseen with respect to its origin, strength and amplitude.
Today, the Industry finds itself in a situation where it has to address various issues. Key amongst these are a severe drying-up of liquidity that reflects banks’ shortage of funding in parallel with a re-pricing of their risks, a “credit-crunch” and falling house prices in a number of countries coupled with fluctuating levels of consumer demand, all within a continually worsening economic environment.
Having considered these circumstances in detail over recent months, the Industry has consequently agreed on a series of recommendations and actions, which are designed to contribute proactively to the European Commission’s initiatives to restore long-term sustainable real estate/mortgage financing in the EU.
View Now
The latest evolution of the main mortgage and housing market indicators in Europe.
- Growth in total outstanding residential mortgage lending slowed further in Q2 2008 across the EU, continuing the trend observed since Q2 2007.
- More mature EU 15 markets experienced further declines in the growth of outstanding residential mortgage lending although none, except for Germany, experienced a year-on-year fall in outstanding residential mortgage lending.
- Further falls in new residential mortgage lending were experienced, for the third consecutive quarter.
- Housing markets still performed positively in Q2 2008 on a year-on-year basis in several countries despite a general slowdown in growth rates.
- Though more EU countries experienced falls in house prices in Q2 2008, in general house prices remained at high levels.
View Now
Hypostat is the main source of statistical information with regard to recent developments in housing and mortgage markets in Europe. The latest version (including the latest full year data for 2007) includes 33 European countries in total, covering the EU 27 and the non-EU countries of Albania, Iceland, Norway, Russia, Serbia and Ukraine. Thanks to input from a number of the European Mortgage Federation’s national delegates and from external experts, Hypostat 2007 contains a country-by-country account of key economic, housing and mortgage developments as well as individual chapters on interest-only and longer-term mortgages and on housing policies and challenges in Western and Eastern Europe. In addition, Hypostat’s statistical tables include figures for the period 1998-2007 for the countries for which data was available, and covering all aspects of housing finance from levels of housing debt outstanding to funding methods.
View Now
|
|
|
|
|