Outstanding residential mortgage lending in Europe 2023, by country
The United Kingdom, Germany, and France were the countries with the largest mortgage markets in Europe in 2023, when considering the value of loans outstanding. In the second quarter of the year, the UK had close to 1.9 billion euros worth of mortgages outstanding. Other countries with large mortgage markets included the Netherlands, Spain, Sweden, and Italy - all exceeding 400 billion euros. One of the main drivers of mortgage activity is the cost of borrowing. In 2022, interest rates increased dramatically across Europe. Ireland, and Germany remained among the few countries with an average interest rate under four percent.
