This is good news for a market that really needs it: the usury rate, the ceiling rate for real estate loans set by the Bank of France, was raised on Friday 1er December at 6.11% (insurance and application fees included) for loans aged 20 and over. At this level, the highest since 2010, “the wear rate is no longer an obstacle”bankers and brokers agree.
But then, who is holding back real estate credit in France: the banks, their supervisory authorities… or simply the weakness of demand while waiting for prices to fall? The question is once again under debate before the meeting of the High Financial Stability Council (HCSF), Monday December 4, during which the criteria governing loans to individuals will be re-examined.
Because the real estate loan market remains at half mast: in September (the last month for which these figures are available), new home loans fell to 9.2 billion euros, a figure down 44% on a year-on-year basis. year and the lowest since January 2016.
An increase in refusals
The governor of the Bank of France, François Villeroy de Galhau, surprised by mentioning on November 17 the “suspicion” that “the banks would no longer lend” And “the diffuse feeling” of a rise in loan refusals, while recognizing that these are not measured precisely. In support of his remarks, the ECB quarterly survey on bank creditwhich shows that one in five French banks reported an increase in refusals in the third quarter, twice as many as in the previous survey.
None of the major French banks have openly criticized these comments and their federation assures that “bank advisors are always listening to their clients to find solutions”. As for credit brokers, whose activity is expected to fall by 30% to 50% over the whole year, this debate is outdated. “The governor of the Banque de France has been out of step with market developments for several months”judges Sandrine Allonier, spokesperson for Vousfinancer. “There are much fewer loan refusals today than at the start of the year: some banks are returning to the market, several have even started to lower their rates. »
Several banking brands are indeed striving to reassure people about the availability of credit. At the beginning of November, in presenting the quarterly results of Crédit agricole, Philippe Brassac, its general director, spoke of a desire to “ correct the situation » after months of decline in credit production.
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