First in Europe. For loans more expensive – Time

First in Europe. For loans more expensive – Time

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 Banks stingy in granting mortgages Italians and when they do ask for more than what happens in any other branch of the rest of Europe. In short, the Union of the states has been realized, but the benefits of the single banking market in the pockets of their fellow citizens are still unseen. It is a study of Confartigianato to confirm as in the country to buy a house with a mortgage costs more than in the rest of Europe. In May of this year, according to the report, the average interest rate on loans for house purchase stood at 3.07%, ie 36 basis points higher than the 2.71% recorded in the states of ‘Eurozone. A value which is close to Germany. The average rate required by the German banks who are buying a home is a base point or lower than that detected in adopting the single currency: 2.70%.

 

  THE REASONS

 To motivate the differences are the reasons for the Italian banking structure, still very fragmented and expensive, which reverses the prices on the cost of the inefficiency of supply of mortgages. Not only that. To make the cost of borrowing higher in Italy is also the cost of collection and other Italian institutions have to endure when they buy money on the market. Who asks lends an account saltier Italians than in Germany because the risk is considered highest in Italy. It’s the ripple effect of the infamous spread the width of which is reflected not only between the yields on Italian government bonds and German but also on all forms of financing.

 

  REGIONS

 The gap in the prices of mortgage loans is not only between different European states but also within the same areas of Italy. The most disadvantaged are, in fact, the Sardinian families: the island the average interest rate on these loans arrives at 4.12%.

 Signs of trouble are also coming from the reduction of the

stock of loans for house purchase granted to the Italian families: in May 2014, the total amounted to 360.1 billion, a decrease of 1.1% compared to the previous year . The biggest drop was recorded in Abruzzo (-4%), Basilicata (-3.4%), Molise (-3.4%), while only the Trentino Alto Adige shows an increase (+ 1%) of the stock of loans granted . The ratio of Confartigianato shows that, of the total loans to households for house purchase, 80.7% is concentrated in the Centre-North and the remaining 19.3% in the South. Among the regions that use the largest volume of mortgages in the head Lombardy, with 24.5% of the total, followed by New York (12.9%), Emilia Romagna and Veneto (both 9.1%), Piemonte (7 , 8%) and Tuscany (7.2%).

 

  TAXES

 Also weighing on the housing market crisis there is also the taxation between 2011 and 2013, in the transition from Ici in IMU, increased by 107.2%. And with the introduction of Tasi, (the new tax on services indivisible) things could get worse. The application of the new tax-rate basis would increase the tax levy by 12%, while if it were to be applied at the rate of 2.5 per thousand taxation on primary residences would increase by as much as 60% compared to 2013.

 

  RECOVERY

 Without certainty on the fiscal framework and waiting to see if the asset ventilated and always denied even the brick hit the market will continue to languish. Yet some glimmer of light can be seen in the trend of real estate sales, in the first quarter of 2014, for the first time after 8 consecutive quarters of decline, increased by 1.6% compared to March 2013 In addition, during the same period, the price of housing fell by 5.3%.

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Philip Caleri