Loans to individuals, France 2022Jul
Published on 2 September 2022
Housing loan production remains high
- Housing loans are still growing in July (+6.4%, after +6.6% in June), and remains at a high level. The seasonally adjusted flow - corresponding to the diference between new loans and amortization - stands at 6.7 billion euros, being significantly higher than its average over the last five years (5.3 billion).
- The growth rate of consumer credits stands at +3.1%, down from +3.7% in June.
- The seasonally adjusted production of housing loans reaches 21.8 billion in July (22.6 billion in June), being still high after the peak of 26.8 billion in May. This production is close to its 5 years average (20.3 billion), reflecting the normalization process that is on track. The very progressive rise in interest rates for new loans continues (with a narrowly defined effetcive rate - NDER- at 1.45% on average in July, after 1.35% in June), while remaining noticeably below of the 10-year OAT rate since the beginning of the year. After adding 60 basis points corresponding to the average observed spread between NDER and APRC, the average interest rate remains significantly below the usurious rates (2.57% for the main category that includes loans with maturities over 20 years).
- The early estimate indicates a further rise in the average interest rate on new loans to 1.57% in August, a monthly production of housing loans which should continue to normalize gradually (20.6 billion euros, a level close to its long-term monthly average of 20.7 billion euros), and an annual growth rate of outstanding loans quite-steady, at +6.3%.
- The "additional information" section of this document provides indicators on access to housing for first-time buyers and, within this group, for low-income households.
Outstanding amounts and annual growth rates (without seasonal adjustment) ![]()
(Outstanding amounts in EUR Bn, annual growth rate in %)
| End-of-month level | Annual growth rate | |||||
| July-2022 | May-2022 | Jun-2022 | July-2022 | Aug-2022* | ||
| Total | 1,487 | 6.4 | 6.2 | 5.9 | ||
| Lending for house purchase | 1,259 | 6.8 | 6.6 | 6.4 | 6.3 | |
| Credit for consumption | 198 | 4.0 | 3.7 | 3.1 | ||
| Other lending | 30 | 7.0 | 4.4 | 3.3 | ||
(*) Nowcasting
Housing loans to individuals (seasonally adjusted) ![]()
(In billion euros)
Credit for consumption (seasonally adjusted) ![]()
(In billion euros)
Production of new loans (excluding overdrafts, monthly flows seasonally adjusted (a))![]()
(volumes in billion euros, proportion in percentage)
| Mar-2022 | Apr- 2022 | May-2022 | Jun-2022 (e) | Jul-2022 (f) | Aug-2022 (g) | |
| - loans for consumption purposes (b) | 5.7 | 5.8 | 6.3 | 5.9 | 5.8 | |
| - housing loans | 24.7 | 25.7 | 26.8 | 22.6 | 21.8 | 20.6 |
| of which housing loans excluding renegotiations | 19.6 | 20.7 | 22.2 | 19.1 | 18.8 | |
| - proportion of renegotiation (not seasonally adjusted) in % (c) | 20.7 | 19.7 | 17.2 | 15.5 | 13.9 |
Interest rates on new loans (narrow defined effective rate, monthly average)![]()
(in %)
| Mar-2022 | Apr- 2022 | May-2022 | Jun-2022 (e) | Jul-2022 (f) | Aug-2022 (g) | |
| - housing loans | 1.14 | 1.19 | 1.26 | 1.35 | 1.45 | 1.57 |
| of which housing loans long term and fixed rates | 1.14 | 1.19 | 1.26 | 1.35 | 1.45 | |
| of which housing loans short term or floating rates | 1.22 | 1.21 | 1.28 | 1.34 | 1.42 | |
| of which housing loans excluding renegotiations | 1.11 | 1.16 | 1.25 | 1.34 | 1.45 | |
| - loans for consumption purposes (b) | 3.57 | 3.69 | 3.77 | 3.73 | 3.83 | |
| - overdrafts for individuals (d) | 5.06 | 4.94 | 4.90 | 4.86 | 4.86 |
(a) Parameters for seasonal adjustment are updated each month, taking into account monthly data under review.
(b) Excluding revolving loans. Loans for splitted-cost payments (mainly "loans granted on market place" and "extended credit-card credits" are included into consumption loans.
(c) Ratio of renegotiated loans on housing loans, both not seasonally adjusted
(d) Overdrafts: negative balance of ordinary accounts + commercial credits + factoring + cash credits without fixed repayment schedule (including mobilization of revolving loans).
(e) Revised data
(f) Provisional data
(g) Nowcasting
(b) Excluding revolving loans. Loans for splitted-cost payments (mainly "loans granted on market place" and "extended credit-card credits" are included into consumption loans.
(c) Ratio of renegotiated loans on housing loans, both not seasonally adjusted
(d) Overdrafts: negative balance of ordinary accounts + commercial credits + factoring + cash credits without fixed repayment schedule (including mobilization of revolving loans).
(e) Revised data
(f) Provisional data
(g) Nowcasting
Interest rates on housing loans, all maturities![]()
(Narrowly defined effective rate, average weighted by long and short term flows, in %)
Share of renegotiated loans in new housing loans ![]()
(Monthly seasonally adjusted new loans in € Bn, share in %)
Additional information on access to real estate credit for first-time buyers
The Banque de France collects additional information from resident banks on housing loans, which makes it possible to break down loans according to their characteristics as well as those of the borrowers (loan amount, number of loans, average term, first-time buyer or not, etc.). This more granular information is based on a sample of 12 banks representing 90% of total outstanding loans, and is available with a small time lag. The data available at the end of June 2022 show that the share of first-time buyers in access to housing loans for the purchase of a primary residence remains high by historical standards, at 47%. Over the first six months of 2022, this share fluctuated between 47% and 50%, slightly above the average observed since 2014 (46%). Among first-time buyers, the share of low-income households, defined as those with an annual income of €30,000 or less, decreases to 21% in June 2022, to be compared with the average calculated since January 2020 (24%).
Additional information
Only loans granted to individuals (households excluding sole proprietors and unincorporated partnerships) by resident monetary financial institutions are presented here. The outstanding growth rates are calculated from monthly changes in stocks (including sales and securitization) by correcting from modifications that do not reflect economic changes, especially, the accounting derecognition of loans from the MFI's statistical balance sheet due to write-offs/write-downs. Conversely, exchange rate effects are taken into account without any change for technical reasons. Monthly growth rates are those of new loans agreed, i.e. disbursed. Nevertheless, new loan production represents new loans granted, even when they are not actually disbursed to the borrower, in accordance with the Eurosystem harmonised methodology, which aims to provide the public with an indicator that rapidly reflects changes in loan production. For this reason, the production of new loans differs from monthly changes in outstanding loans. Indeed, on the one hand, outstanding loans are recorded after the effective disbursement of funds and, on the other hand, they are reduced by the amortization of old loans. The weighted average rates and new business volumes are calculated according to the harmonized definitions of the Eurosystem. Published rates are the narrowly defined effective rate (NDER). They correspond to the interest component of the Annual Percentage Rate of Charge (APRC). Renegotiated loans also include external mortgage repurchases. As of October 1st, 2021, the Banque de France start offering a nowcasting on new business loans and interest rates based on a model which takes into account market conditions (reference interest rate, property transfer duties...) and the past values of the estimated variables. The absolute nowcasting deviation is on average 0.3 billion euros over the long term, i.e. 1.5% of the average gross flow. For interest rates, the absolute deviation is 1 basis point on average.
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