The real estate crisis in the UK will not affect the Spanish market - experts say.

real estatehave fallen on hard times. As in most countries, rising interest rates (now at 5.25%) have increased mortgage lending costs, causing the biggest downturn in the UK housing market in 14 years. However, the battle against inflation and the rising cost of money is not only being experienced in the British Isles, but also in theSpain, which is also fighting against increases implemented by the European Central Bank, raising interest rates to 4.5%.

In addition to monetary constraints, like the UK, the Spanish market has beenreal estateis also experiencing high inflation, which has already significantly limited the ability of families to save.At the European level, inflation continues to affect families, increasingly reducing their ability to save, which affects consumption and their ability to buy a home.

In the UK, this has already led to worrying data in the sectorreal estateThe cost of renting a room has jumped to over £1,000 a month, or around €1,170. The cost of renting a room has jumped to over £1,000 a month, or around €1,170. This is partly due to a shortage of rental housing on the market, which has led to a 15% increase in the price of renting a room in the capital compared to a year ago.

High mortgage interest rates, which have reached 15-year highs, have reduced landlords' profitability and as a result they are choosing to sell.

Experts don't expect a spill-over effect

The outcome of these common factors betweenSpainand Britain in the British Isles may be a harbinger of what could happen in theSpain. In 2022, Spaniards will lose 5.6 points of purchasing power according to the Ministry of LaborSpainDespite the highest wage levels. Inflation has a significant impact on the savings of Spaniards and may therefore limit demand, which has increased since the pandemic.

The loss of purchasing power for families can slow down the deal market and depress valuesreal estatesays Ricardo Souza, chief executive officer of Century 21, especially those involving pre-ownedhouses.

Nevertheless, experts do not expect a shedding in the Spanish sector.

In this regard, Luis Corral, executive director of Foro Consultores Inmobiliarios, said that, although the secondary market hasreal estatecan be a pressure on prices as it depends on the situation of the owners, the characteristics of the sector in theSpainlimit all possibilities of spillage and repetition of situations like in the UK.

Engpässe: ein Problem, das sich nicht verbessert

Die Verlangsamung der Wirtschaft im Vereinigten Königreich ist laut Duque genau der Grund für den Rückgang der Immobilienpreise, der vor allem auf die geringeren Ersparnisse der Haushalte zurückzuführen ist. Es ist auch wichtig, die Herausforderung des Brexit und die steuerlichen Änderungen hervorzuheben, die sich auf Hausbesitzer und Investoren ausgewirkt haben. Im Vereinigten Königreich haben diese Faktoren zu einem Rückgang der Zahl der zum Verkauf stehenden Häuser geführt, ein Problem, das auch in Spanien besteht.

In Spanien scheint das Angebot an neuen und gebrauchten Wohnungen begrenzt zu sein, sagt Corral. Der Markt für Neubauten ist sehr spezifisch und zeichnet sich durch lange Bauzeiten aus, was die Wohnungsknappheit besonders deutlich macht und die Käufer dazu veranlasst, auf den Markt für Gebrauchtimmobilien auszuweichen. Aufgrund der geringeren Nachfrage und der geringeren Transaktionen bleiben die Preise jedoch stabil, und es ist nicht zu erwarten, dass sich diese Situation in nächster Zeit ändern wird.

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Mark Pritchard, Sales and Marketing Director, Taylor Wimpey Spain

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