Escrow accounts are opened better than replenished

Escrow accounts are opened better than replenished



The increase in funds in escrow accounts, to which funds from equity holders are deposited as part of project financing for housing construction, amounted to 942.5 billion rubles in January-August, follows from data published yesterday by the Central Bank. The indicator decreased by 45% compared to the previous year - in January-August 2021 it amounted to 1.36 trillion rubles. It should be noted that the most dramatic drop in proceeds to escrow accounts occurred in the second quarter - in May, the figure dropped to a record low of 38.9 billion rubles, after which it began to gradually grow. Thus, in August, the increase amounted to 73.7 billion rubles. (against 158.4 billion rubles in August 2021). In total, 4.04 trillion rubles have now been accumulated on escrow accounts in banks.

Such dynamics is associated with a decrease in the volume of mortgage issuance - housing lending "failed" this spring after a sharp increase in the key rate of the Central Bank and has continued to recover since June. According to preliminary data from the Central Bank, in August, banks issued mortgage loans for 457.7 billion rubles, which was the highest since March, and for the first time since spring exceeded last year’s figure (in August 2021, 440 billion rubles were issued, but the gap remains in terms of the number credits). The primary market accounts for slightly less than half of the loans, and almost all of them are concessional.

At the same time, the high rates of “disclosure” of escrow accounts also affect - we are talking about providing developers with access to funds after the facility is put into operation. So, in January-August, about 1 trillion rubles were disclosed. (against 342 billion rubles a year earlier), which in statistics "absorbed" a significant part of the proceeds (the Central Bank has not yet disclosed their volume for July-August, but in the second quarter they also decreased in annual terms - 584 billion rubles against 693 billion rubles . in 2021).

Also, the relatively high activity of developers is evidenced by the growth of the project financing portfolio - despite a short-term decline in March-April, in January-August, the selected amount of limits increased by 1.4 trillion rubles. (against 922.9 billion a year earlier), reaching a total of 4 trillion rubles. (with the amount of limits available to developers at 10 trillion rubles). According to DOM.RF, August was a record month for the monthly increase in credit lines opened to developers - plus 775 billion rubles.

Evgenia Kryuchkova



Source link