35% of home buyers in 2024 have not needed a mortgage, 3% more year-on-year and 8% more compared to 2022, the year in which the first interest rate increase occurred, according to Fotocasa.

Specifically, of the 35% who bought without a mortgage, 17% declare that they had enough money saved for it (in 2023 they were 18%), compared to 10% (8% in 2023) who managed to carry out the purchase thanks to help provided by family members. The remaining 7% (6% in 2023) had enough with the sale of their old home.

The buyers who did have to go to the bank to complete their purpose were 66% (in February 2023 it was 68%). Of these, 54% were satisfied with the financing granted by the entity, but up to 12% also needed additional help from family members.

Given the rise in rates and high financing costs, the proportion of purchases that are closed without a mortgage has grown, as has the need to have family support for buyers who do mortgage their homes.

There is also a relevant percentage of buyers who are waiting for a rate de-escalation, which will cause “a strong demand for which the market must respond,” according to the Director of Studies and spokesperson for Fotocasa, MarĂ­a Matos.

On the other hand, in February 2024, 35% of individuals over 18 years of age affirm that the rise in mortgages has impacted their purchase intention quite a bit or a lot. This figure is one percentage point below that recorded a year earlier, and also below that corresponding to August 2023 (in both cases 36%).

19% of buyers affirm that the rise in mortgage prices “has had a great impact on them”, to the point that they were actively searching for a home or about to buy one, but they have stopped the process for this reason, although they are two points less than the 21% who stated this six months and a year earlier. In addition, there are 16% (they were 15% in February 2023) who have been greatly impacted by it, to the point that they are rethinking the process.

Among those who have purchased a home, 46% have been very or somewhat impacted by prices, and 70% of home seekers have not closed the transaction.

By age, only 25% of those over 55 declare that the rise in mortgages impacted their purchase intention, compared to 45% of people between 25 and 34 years old, whose intentions have been affected.

By territory, the reduction in the impact of the rise in mortgages on purchase intention is seen more slightly in Madrid (where it repeats the 36% of February 2023, but below the 40% of August) and Catalonia, which It remains at 33% in August, one percentage point more than the 32% in February 2023.

Somewhat more pronounced is the decrease in the impact in the Valencian Community, which remains at 32%, compared to 34% twelve months earlier and 36% in August. For its part, Andalusia is the community where the impact reduction is greatest, with 36%, four points less than in February 2023 and two than in August.