First time in nearly two years: more mortgage applications due to lower interest rates
Interest rates are falling and that's good news for home buyers. Mortgage advisors saw a big increase in mortgage applications in the last quarter of 2023. Figures from Hypotheken Data Network (HDN) show this. Almost all major providers of mortgage and mortgage-related products are members of HDN. In the fourth quarter, applications increased by 15.5 percent compared to the same period in 2022. This does not include over- and under-closures.
The buyer's market recovered in 2023
The first three quarters of last year saw a decline of nearly 8 percent. And so now an increase of more than 15 percent. Reinier van der Heijden (director of HDN): 'This indicates that the buyers' market has recovered again in 2023'. The average mortgage amount on the buyer's market was almost 339,000 euros in the fourth quarter. That is 7 percent more than a year earlier.
Falling interest rates in the last quarter
The increase in the number of mortgages for the buyer's market is mainly due to falling interest rates in the last months of the year. This allows potential homebuyers to borrow more money.
Starters in the housing market
In 2023, there were many first-time buyers in the housing market. HDN figures confirm this. This was also because the government tightened the rules for home owners in 2023. As a result, landlords of homes received less rental income and more often decided to sell the home to first-time buyers.
HDN speaks of a good year for starters. Especially the starter who chooses security: with a fixed income, a mortgage with NHG and a relatively cheap home.
Fewer new-builds
The number of mortgage applications for new-build homes fell by almost a third last year. This is mainly due to fewer building permits issued.
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