The trend could go unnoticed, as the figures for the first quarter remain dynamic. But real estate credit is going through a moment of seesaw, between rates that are starting to rise, and borrowers who have become more fearful, in particular because of inflation or the war in Ukraine. “We are in a difficult moment to predict because the momentum is in the process of being reversed”, underlined this week Philippe Brassac, CEO of Crédit Agricole SA, on the sidelines of the presentation of the group’s quarterly results, while judging that ” the appetite for mortgages will remain strong”.
On the tails side, the sector still aligns very flattering activity indicators. At the level of the Crédit Agricole group (39 regional banks and LCL), the production of home loans was 19.8 billion euros in the first quarter, up 8.8% over one year. Over the same period, mortgage outstandings increased at BNP Paribas (for France) by 6.2%, to 97.2 billion euros. Developments in line with the Banque de France, which observed growth in outstandings of 6.8% in March, and which estimated the increase at 6.9% in April. For the month of March alone, with 24.8 billion euros in new loans, production “is still at a particularly high level”, notes the institution.