Seoul: New mortgage loans per borrower rose to a record high in the first quarter despite the government's tightened regulations to cool the overheated housing market, central bank data said Friday.
According to Yonhap News Agency, fresh mortgage lending per borrower averaged 229.39 million won (US$151,800) during the January-March period, up 16.53 million won from three months earlier. This marked the highest level since the Bank of Korea (BOK) started compiling such data in 2013.
New household lending per borrower, which includes mortgage loans, increased by 990,000 won to 35.42 million won over the cited period. The BOK attributed the rise in new household and mortgage lending to an increase in housing transactions, despite a series of government measures aimed at stabilizing the property market.
By age group, new mortgage loans rose across nearly all brackets in the first quarter, with borrowers in their 30s experiencing a 34.57 million-won increase and those in their 20s seeing an 18.11 million-won gain.
Regionally, fresh mortgage lending in the greater Seoul area rose by 32.48 million won per borrower in the first quarter, followed by the Chungcheong region with a 10.19 million-won increase.