Combined household loans provided by South Korean lenders have decreased for the first time on record as the government’s policies to curb real estate speculation took effect. 

According to the Bank of Korea and other local financial authorities, households extended by banks and secondary lenders dropped by 200 billion won in January from a month earlier. 

This is the first time combined household lending has fallen since the financial authorities began to compile related data in January 2015. In December, it rose six-point-six trillion won from November. 

Bank household loans alone increased by one-point-one trillion won to 828-point-seven trillion won last month, marking the smallest on-month rise in two years.