Mortgage demand weakened faster than banks expected

Net percentage of euro-area banks reporting higher minus lower demand for housing loans

Four columns show the housing-loan demand survey balance. Q2 2026 actual is minus 15. Q3 expected in July is minus 12. Q3 actual is minus 27. Q4 expected in October is minus 36. The Q3 actual result was 15 percentage points below the July expectation.

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Q3 expected is the July 2026 survey expectation. Q4 expected is the October 2026 survey expectation. Negative values mean more banks reported or expected lower demand. This is not a change in mortgage volume.

Chart: Place for Capital ResearchSource: ECB Bank Lending Survey, July and October 2026Get the data