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the "boots" of beijing's new property market policy have finally been implemented.

on september 30, six departments including the beijing municipal housing and urban-rural development commission jointly issued the "notice on further optimizing and adjusting the city's real estate-related policies" and launched a package of policies to stimulate the real estate market.

specifically, they include lowering existing mortgage interest rates, lowering the minimum down payment ratio for personal housing loans, increasing housing provident fund loan support, reducing the number of years for non-beijing households to pay social security or personal tax when purchasing a house, adjusting the housing purchase restriction policy in tongzhou district, and canceling ordinary housing and non-beijing housing loans. policies and measures such as ordinary housing standards will be implemented from october 1.

in terms of credit policies, the first is to reduce existing mortgage interest rates. guide commercial banks to steadily and orderly reduce existing mortgage interest rates to near the new loan interest rates, effectively reducing the mortgage interest burden of home buyers.

the second is to lower the down payment ratio of mortgage loans, lowering the minimum down payment ratio for commercial personal housing loans for first-time home loans from no less than 20% to no less than 15%, and for second-home loans from no less than 35% (for purchasing housing within the fifth ring road). ) and no less than 30% (for purchasing housing outside the fifth ring road) are uniformly reduced to no less than 20%.

regarding the purchase restriction policy that has attracted much market attention, beijing has shortened the number of years for non-beijing households to pay social security or personal income tax when buying a house. for non-beijing families who purchase housing within the fifth ring road, the requirement of "continuous payment for 5 years or more" is reduced to "continuous payment for 3 years or more"; for those purchasing housing outside the fifth ring road, the requirement is reduced to "continuous payment of 2 years or more". years and above”.

beijing has also adjusted the housing purchase restriction policy in tongzhou district. from the date of the issuance of the "notice", residents' households purchasing commercial housing in tongzhou district shall follow the city's unified policy. in addition, if beijing-citizen single adults live together with minor children, the housing purchase restriction policy will be implemented as a beijing-citizen household.

since last year, home purchase policies across the country have continued to be relaxed, and purchase restrictions have even been completely lifted. only places in the country such as beijing, shanghai, and shenzhen are still enforcing housing purchase restrictions. among them, beijing is the city with the strictest implementation of purchase restriction policies in the country.

since 2023, beijing has fine-tuned its property market policies several times, such as implementing the policy of "recognizing a house but not a loan", reducing the down payment ratio to a minimum of 20%, and the first-home loan interest rate of 3.5%. in terms of home purchase qualifications, it has only introduced the relaxation of tongzhou's "double-use" policy. policies such as "limited", cancellation of divorce house purchase restrictions, and the ability to buy an additional house outside the fifth ring road.

this new policy is the biggest change in beijing’s current purchase restriction policy. after the promulgation of the new deal, the market "moved" after hearing the news, and major real estate companies have responded quickly to seize the window period for marketing and promotion. some beijing real estate developers said that their projects have been paying attention to the policy in the past two days and are preparing to raise prices after the national day holiday.

as an important position in the regulation of the national property market, the introduction of beijing’s new deal is the result of the dual effects of policy and the market.

on september 26, the political bureau of the central committee of the communist party of china held a meeting and proposed to promote the real estate market to stop falling and stabilize. at the same time, it should respond to the concerns of the masses, adjust housing purchase restriction policies, reduce existing mortgage interest rates, and speed up the improvement of land, fiscal and taxation, financial and other policies to promote the construction of real estate. develop new models.

under the guidance of central government policies, the industry has great expectations for policy adjustments in first-tier cities. industry experts recently mentioned that beijing is expected to reduce the social security period for home purchases, and policies such as common housing standards are also expected to be optimized and adjusted. however, as the first megacity in the country to achieve reduced development, beijing’s task of depopulation has not changed at present, so it is unlikely that the central urban area will completely relax purchase restrictions.

from a market perspective, the current beijing property market also needs more "stimulant" injections.

since beijing followed up on the may 17 new deal on june 26, the activity of the local property market has increased, especially the second-hand housing market. according to china index data, from june to august, the number of second-hand housing transactions in beijing was more than 14,000 units, 7 the monthly transaction volume exceeds 15,000 units.

however, since september, due to the weakening effect of previous policies and the impact of the mid-autumn festival holiday, the transaction scale of new and second-hand houses in beijing has weakened. the average daily transaction area of ​​new houses from september 1st to september 19th was compared with the same period last year and the daily average in august. there was a significant decrease, with the average daily number of second-hand housing transactions falling by 9.4% year-on-year and 17.8% lower than the daily average in august.

now that beijing's property market regulations have been officially relaxed again, the industry believes that as first-tier cities have successively fulfilled policy expectations, market sentiment towards the real estate industry has also reversed significantly.

bank of china securities said that the politburo meeting clearly stated for the first time "promoting the market to stop falling and stabilize", which means that senior leaders have clearly paid attention to the continued downward pressure on the real estate market and the possible chain reactions that will follow. the inflection point of real estate expectations has arrived.