Support for Housing Demand From Low Interest Rates and Government Housing Incentives
First written in FY2016-Q2. 6 of 30 entries say "Restated". Latest entry: 2026-09-14.
Tsuchiya Holdings moved to the "Worse" side of this theme in 2024, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 6 of 16 companies on the "Worse" side.
1 other company's latest entry also says "Softened".
- 2026-09-14SoftenedRevision of earnings forecasts
「In the housing business, customers continued to take a cautious stance toward home purchases against a backdrop of rising home prices and mortgage interest rates.」
The increasingly cautious stance toward home purchases due to rising home prices and mortgage interest rates is explicitly cited as a reason for revising the full-year earnings forecast. - FY2026-H1SoftenedAnnual report
「Against the backdrop of rising home purchase prices, demand for compact homes increased as buyers sought to limit their purchase burden. In addition, expectations of higher mortgage rates and sluggish real wage growth led to a more cautious attitude toward home purchases, and the sales cycle continued to lengthen.」
Rather than support from low mortgage rates, the description points to expectations of higher mortgage rates, sluggish real wage growth and a more cautious attitude toward home purchases due to the increased purchase burden. - FY2024SoftenedAnnual report
「Rising construction costs caused by higher material prices and labor costs, together with expectations of higher mortgage rates, have weakened sentiment toward home purchases. Owner-occupied housing starts have remained sluggish, while rental housing has remained firm.」
The focus has shifted from support for housing demand provided by low interest rates and other factors to weaker purchase sentiment caused by higher construction and labor costs and expectations of higher rates. Rental housing is described as remaining firm. - FY2024-Q2Negative interest rate policy ends, housing demand remains sluggishAnnual report
「Housing demand has remained sluggish for an extended period due to rising home purchase prices, and owner-occupied housing starts have remained weak in the housing and real estate industries in which our group operates, while rental housing has remained firm. Although the economic environment remains challenging due to the ending of the negative interest rate policy and responses to work-style reforms, from fiscal 2025 efforts are being made to review housing energy-efficiency performance requirements, including mandatory compliance with energy-efficiency standards, and to ensure structural safety through stricter review standards for housing starts, increasing the importance of housing performance and safety.」
The prolonged weakness in housing demand due to rising home purchase prices has been carried forward, with the description progressing from moves toward ending the negative interest rate policy to its ending. Rental housing, meanwhile, is described as remaining firm. - FY2024-Q1SoftenedAnnual report
「In the housing and real estate industries in which our group operates, owner-occupied housing starts have remained sluggish as rising home purchase prices have weakened sentiment toward buying a home, while rental housing has remained firm. Although the business environment remains challenging due to moves toward ending the negative interest rate policy and responses to work-style reforms, it is undergoing major changes from fiscal 2025, including revisions to housing energy-efficiency performance requirements, such as mandatory compliance with energy-efficiency standards, and efforts to ensure structural safety through stricter review standards for housing starts.」
The previous explanation cited support from low interest rates and home purchase assistance, while the latest description points to rising home purchase prices, weaker purchase sentiment and moves toward ending the negative interest rate policy, indicating that the supporting factors have weakened. - FY2023-Q3RestatedAnnual report
「Although variable-rate mortgages remain at low levels, future rate trends require close monitoring.」
The company continues to cite support from low mortgage rates while maintaining its warning to monitor future rate trends. - FY2023-Q1SoftenedAnnual report
「The business environment remains challenging due to expectations of higher mortgage rates and weaker consumer sentiment resulting from rising prices and other factors.」
The previous explanation cited support from low mortgage rates, but the latest description points to expectations of higher rates and weaker consumer sentiment due to rising prices, indicating that the factors supporting housing demand have weakened. - FY2022-Q3Support measures and low rates continue, but home purchase costs riseAnnual report
「In the housing and real estate industries in which our group operates, home purchase support programs and mortgage rates remain at low levels. However, the business environment remains challenging due to the impact on consumer sentiment of declining real wages caused by inflation and rising home purchase costs resulting from higher construction costs and residential land prices.」
While home purchase support programs and low mortgage rates continue, the company cited declining real wages due to inflation, higher construction costs and residential land prices, and the impact of rising home purchase costs on consumer sentiment. - FY2022-Q2RestatedAnnual report
「In the housing and real estate industries in which our group operates, housing demand has been supported by mortgage tax deductions and home purchase support programs tied to energy efficiency and other performance criteria, as well as low mortgage rates, despite some weakness in employment and income conditions.」
The company continues to explain that mortgage tax deductions, home purchase support programs and low mortgage rates are supporting housing demand. - FY2021Owner-occupied housing starts continue to exceed the prior-year levelAnnual report
「Growing time spent at home has increased interest in detached homes, and owner-occupied housing starts have continued to exceed the year-earlier monthly level since November 2020. However, the business environment remains challenging, with surging timber prices caused by the timber shortage and delays in the supply of housing equipment due to semiconductor shortages.」
Interest in detached homes has grown against the backdrop of increased time spent at home, and owner-occupied housing starts have continued to exceed the year-earlier monthly level since November 2020. - FY2021-Q3Owner-occupied housing starts turn positive, but high timber prices and other factors create a challenging market environmentAnnual report
「Interest in detached homes has grown as lifestyles have changed in response to the COVID-19 pandemic, and owner-occupied housing starts have been trending toward recovery, turning positive year on year from November 2020. However, the business environment remains challenging due to surging timber prices caused by the timber shortage and intensifying competition to acquire residential land.」
Owner-occupied housing starts turned positive year on year from November 2020, while surging timber prices caused by the timber shortage and intensifying competition to acquire residential land were identified as new factors contributing to the challenging market environment. - FY2021-Q2Owner-occupied housing starts trend toward recovery but remain below pre-pandemic levelsAnnual report
「Interest in detached homes has grown as lifestyles have changed in response to the COVID-19 pandemic, and owner-occupied housing starts have recently been trending toward recovery. However, they have not reached pre-pandemic levels, and the business environment remains challenging.」
Interest in detached homes has grown against the backdrop of lifestyle changes, and owner-occupied housing starts are trending toward recovery, but have not returned to pre-pandemic levels. - FY2021-Q1Low rates and continuing support measures, and growing interest in detached homes, but owner-occupied housing starts remain sluggishAnnual report
「In addition to government home purchase support measures and low mortgage rates, the promotion of the “new lifestyle” announced by the Ministry of Health, Labour and Welfare has led to the expansion of telework and an increase in time spent at home, driving growing interest in detached homes. However, owner-occupied housing starts remain sluggish.」
Low interest rates and home purchase support measures continue, and interest in detached homes is growing against the backdrop of telework and other factors, while owner-occupied housing starts were described as sluggish. - FY2020-Q3Owner-occupied housing starts decline for 12 consecutive monthsAnnual report
「Recently, owner-occupied housing starts have continued to trend negatively, falling below the year-earlier level for 12 consecutive months from August 2019.」
The decline in owner-occupied housing starts extended from 9 consecutive months previously to 12 consecutive months. - FY2020-Q2Owner-occupied housing starts decline for 9 consecutive monthsAnnual report
「Recently, owner-occupied housing starts have continued to trend negatively, falling below the year-earlier level for 9 consecutive months from August 2019.」
The description changed from a decline for 6 consecutive months to falling below the year-earlier level for 9 consecutive months from August 2019. - FY2020-Q1Owner-occupied housing starts decline for 6 consecutive monthsAnnual report
「In the housing and real estate industries in which our group operates, the market environment remains challenging, with owner-occupied housing starts falling below the year-earlier level for 6 consecutive months from August 2019.」
Owner-occupied housing starts, previously reported to have declined for 3 consecutive months and to have remained weak for the full year, were reported to have fallen below the year-earlier level for 6 consecutive months from August 2019. - FY2019Owner-occupied housing starts increase, but decline for 3 consecutive monthsAnnual report
「Although owner-occupied housing starts exceeded the prior consolidated fiscal year's level during the current consolidated fiscal year, they remained weak, declining for 3 consecutive months from August 2019.」
Owner-occupied housing starts exceeded the prior period's level for the full year, but declined for 3 consecutive months from August 2019 and were described as remaining weak. - FY2019-Q3Owner-occupied housing increases, overall market weakensAnnual report
「In the housing and real estate industries in which our group operates, owner-occupied housing starts increased year on year, but the overall market remained weak.」
Owner-occupied housing starts increased year on year, while the housing market as a whole was described as remaining weak. - FY2019-Q2Owner-occupied housing starts increase for 7 consecutive monthsAnnual report
「Although owner-occupied housing starts remained firm, exceeding the year-earlier level for 7 consecutive months, the market environment remains challenging due to the declining total population and the aging and declining construction workforce.」
The description was made more specific, stating that owner-occupied housing starts exceeded the year-earlier level for 7 consecutive months, compared with the upward trend reported in the previous quarter. It also cited continuing structural challenges. - FY2019-Q1Owner-occupied housing starts trending higherAnnual report
「Owner-occupied housing starts increased from the year-earlier quarter during the cumulative first quarter of the current consolidated fiscal year, but the market environment remains challenging due to the declining total population, the aging and declining number of carpenters, and the impending consumption tax increase.」
Owner-occupied housing starts, previously described as sluggish in the prior period, were reported to be trending higher year on year. At the same time, the company stated that the market environment remains challenging due to population decline, the aging and declining number of skilled workers, and the impending consumption tax increase. - FY2018Owner-occupied housing starts declined for 5 consecutive monthsAnnual report
「Although mortgage rates have remained low and government measures continue to support home purchases, owner-occupied housing starts remained sluggish, falling below the year-earlier level for 5 consecutive months from June.」
Despite continued low interest rates and home purchase support measures, owner-occupied housing starts fell below the year-earlier level for 5 consecutive months from June. - FY2018-Q3Continued sluggishness in owner-occupied housing startsAnnual report
「In the housing and real estate industries in which the Group operates, mortgage rates remained low, but owner-occupied housing starts were sluggish during the third quarter of the current consolidated cumulative period.」
While mortgage rates remained low, owner-occupied housing starts were described as sluggish during the third quarter cumulative period. - FY2018-Q2Weakness in owner-occupied housing startsAnnual report
「In the housing and real estate industries in which the Group operates, mortgage rates remained low, but owner-occupied housing starts weakened, falling below the prior-year month-on-month level for 3 consecutive months.」
While low interest rates continued, owner-occupied housing starts fell below the prior-year level for 3 consecutive months and were described as weakening. - FY2018-Q1Sluggish owner-occupied housing startsAnnual report
「Although mortgage rates remained low and government housing-purchase support measures continued, owner-occupied housing starts were sluggish during the first quarter of the current consolidated cumulative period.」
While low interest rates and housing-purchase support measures continued, the description changed from firm or broadly flat owner-occupied housing starts to sluggish performance during the quarter. - FY2017-Q3Owner-occupied housing starts broadly flatAnnual report
「In the housing and real estate industries in which the Group operates, the number of owner-occupied housing starts during the third quarter of the current consolidated cumulative period remained broadly flat compared with the third quarter of the previous consolidated cumulative period.」
The description has changed from firm performance supported by low interest rates and housing-purchase support measures to a market trend in which owner-occupied housing starts were broadly flat year on year. - FY2017-Q2RestatedAnnual report
「In the housing and real estate industries in which the Group operates, mortgage rates remained low. Housing starts remained firm as various government housing-purchase support measures and revisions to the Inheritance Tax Act increased demand for rental housing, particularly in urban areas.」
The disclosure continues to describe housing and rental-housing demand as supported by low interest rates, housing-purchase support measures, and revisions to the Inheritance Tax Act. - FY2017-Q1RestatedAnnual report
「The number of housing starts remained firm due to low mortgage rates and various government housing-purchase support measures.」
The disclosure continues to state that low interest rates and housing-purchase support measures support housing demand. - FY2016RestatedAnnual report
「In the housing and real estate industries, mortgage rates remained low, while government housing-purchase support measures continued. Demand for rental housing also increased following revisions to the inheritance tax, and the industry remained firm.」
The disclosure continues to describe housing demand as supported by low interest rates and housing-purchase support measures. It also adds increased rental-housing demand resulting from the inheritance tax revisions. - FY2016-Q3RestatedAnnual report
「In the housing and real estate industries in which the Group operates, various government housing-purchase support measures continued and mortgage rates remained low. As a result, the number of housing starts for owner-occupied homes remained firm, having increased year on year each month since February 2016.」
The disclosure continues to describe low interest rates and housing-purchase support measures as supporting housing demand. - FY2016-Q2First statedAnnual report
「In the housing and real estate industries, mortgage rates remained low and government housing-purchase support measures provided support, resulting in signs of a recovery.」
Low mortgage rates and government support measures are cited as the reasons behind the recovery in the housing market.