Panyi said 22,000 applications for the fixed 3pc loans had been submitted between the launch of the programme on September 1 and the middle of November.

He added that the applications were for combined credit of close to HUF 800 billion.

So far, lenders have disbursed almost HUF 300 bln of Home Start credit to over 8,500 borrowers.

Regő Lánszki, the state secretary for construction, said the scheme was impacting the supply side, too, with home building permits up more than 25% in the third quarter from the same period a year earlier. That increase could accelerate to more than 30% by year-end, he added.