The Impact of Borrower-Based Measures: An International Comparison

Laura Moretti and Luca Riva
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Laura Moretti: Central Bank of Ireland

No 6/SI/25, Central Bank Staff Insights from Central Bank of Ireland

Abstract: In a sample of 17 European countries, we find that the adoption of borrower-based measures reduces house price growth, house-price-to-income growth, and growth in household debt over GDP. We do not find significant effects on the homeownership rate. Moreover, our results show that different types of instruments have different effects, with income-based instruments having a stronger impact on reducing the growth rate of household debt, while loan-to-value limits have a stronger impact on house price growth.

Date: 2025-09
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