A G7 article published by Telex, citing data from Duna House, reported that the agency’s network held around 40 per cent fewer viewings per working day than at the beginning of October. Its demand index was down by 20–25 per cent, while buyers made one-third fewer offers.
Completed sales are holding steady for now
The number of transactions remains roughly level with the beginning of October. That does not necessarily mean demand has stayed unchanged: most of the deals now being completed grew out of property searches that began earlier.
The market had been moving in the opposite direction shortly before the slowdown. During the final ten days of October, more than twice as many sales were completed each day as at the beginning of the month. Buyers also submitted one and a half times as many offers.
Viewings, however, rose by only 12 per cent, while the demand index increased by 13 per cent. Duna House interpreted the figures as a sign that many buyers had brought their purchases forward to secure the 3 per cent Otthon Start loan before the scheme was withdrawn.
Wekerle Plus could bring some buyers back
Szegő Péter, chief analyst at Duna House, said the market could pick up again to some extent once banks have switched from Otthon Start to the Wekerle Plus programme.
The new scheme is less favourable for purchases of used homes, but its 5 per cent loan remains cheaper than standard market-rate borrowing. It is available to first-time buyers under the age of 45.
The eligibility rules are stricter, excluding everyone aged over 45. Szegő believes younger first-time buyers may return to the market in greater numbers once banks have completed the transition to the new programme.
Source: G7
