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On the real estate market, rates reached 4.3% for the first time. Credits are therefore becoming more and more expensive, so much so that you now have to earn 30% more to borrow the same amount as a year and a half ago.
Stéphanie Chetif already saw herself living in this apartment near Dijon (Côte-d’Or). A property of 34 m2, sold for 80,000 euros. She thought she could buy it. But the banks refused his loan without contribution. Impossible, with his monthly income of 2,500 euros. Its debt ratio would have been too high. “I will not be able to make my dream come true, to become an owner“, she declares, disappointed. And she is not the only one to see her loan refused.
Sales prices still remain very high
This is due to the continued rise in interest rates over the past 18 months, from 1.20% in January 2022 to 4.30% in October. Result: to borrow, you must be able to justify increasingly higher income. For example, to obtain a loan of 200,000 euros over 20 years, you had to earn 2,840 euros 18 months ago, to be able to repay the maximum, 994 euros per month. Today, you have to earn 30% more, or 3,720 euros, for monthly payments of 1,300 euros per month. Especially since sales prices still remain very high almost everywhere in France.
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