According to the quarterly Bank Lending Survey published by the European Central Bank (ECB) on the 27th, housing loan demand in the Eurozone fell sharply in the three months through September amid rising interest rates. A net 27% of banks reported lower housing loan demand in the third quarter, far exceeding financial institutions' expectations of a 12% decline and the previous quarter's 15% drop. The ECB explained that rising interest rates were the biggest factor behind the decline in demand, followed by weakening consumer confidence and a deteriorating outlook for the housing market. Banks raised lending standards for corporate loans and consumer credit while leaving housing loan standards unchanged.
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