Sales to owner-occupiers, which until now was the last segment to resist, have fallen sharply since the start of the school year
In the 3rd quarter of 2022, total developer sales fell by 29,3% compared to the 3rd quarter of 2021. All sales items fell without exception this quarter. Reservations to individuals are hit hard by the deterioration in the economic climate (inflation and rising rates). Sales to individual investors fell by 24,7% while sales to owner-occupiers, which had resisted until now, contracted by 19,7%.
For Pascal Boulanger, President of FPI France: “The last dam, the sale to owner-occupiers, has also just given way. Rising construction costs, wear and tear rates, household concerns, all contribute to keeping the French away from the act of buying real estate. It is all the more regrettable that a new collective housing is sober in energy and perfectly meets the requirements of the ecological transition. »
The fall in bulk sales is confirmed. Unless there is a jump at the end of the year, the new supply of social housing should be down sharply compared to previous years
In addition to the significant drop in sales to individuals, there is an even more substantial drop in bulk sales, which fell by 54,6%. Here too, all sales items are concerned: the fall in sales to social landlords raises fears of a very low new supply of social rental housing. The same is true for bulk sales to institutional investors, far from being able to take over from rental investment schemes intended for individuals such as Pinel.
For Pascal Boulanger, President of FPI France: “Bercy's strategy of favoring institutional investors (LLI) to the detriment of individuals (Pinel) has been destroyed. Institutional investors are, at least temporarily, deserting the residential sector, with yields falling sharply with rising interest rates and construction costs. »
A stagnation of the commercial offer
Although they have not yet translated into housing starts, the more than 500.000 housing units authorized over 12 months could seem encouraging for new construction players. However, this positive observation, in particular for collective housing, is not reflected in the figures for sales, which fell by 12,4% this quarter. Since the beginning of 2022, the decline has reached 10,2%. Result: the commercial offer has stagnated over one year, and has even increased for two consecutive quarters due to the fall in sales.
For Pascal Boulanger, President of FPI France: “The implementation, on January 1, 2022, of the 2020 environmental regulations, had a strong accelerating effect on the filing of building permits, the preparation of the files for which was already well advanced, moreover accentuated by the end, in September 2022, financial aid granted within the framework of local contracts to revive sustainable construction, favoring dense operations in tight areas. This is a sham result whose rebound effect will fade very soon. »