more household debt in germany than many believe
Oddly enough I remember seeing those figures at the time (and also being surprised). However this article claims that Germany has a home ownership rate of 42% compared to 70% in the UK, and also that the majority of German mortgages are fixed rate:
Also this article shows German household savings rates as being significantly higher than the UK:
So in theory this still makes Germany less sensitive to interest rate rises.
However I’d love to know what the hell the Germans are holding household debt against though. If not houses then what? Or maybe it’s houses outside of Germany? And I can’t work out how Germany can have both the highest household debt and the highest household saving rates (relative to income). I guess that’s just statistics for you.