Mortgages
Jul 19, 2023
Decline in Mortgage Applications Second Quarter of 2023 in the Netherlands
In the second quarter of this year, a total of 92,999 mortgage applications were submitted, marking a 34.5 percent decrease compared to the same period last year. This decline can be attributed, in part, to the increased mortgage interest rates. Banks and other mortgage lenders have raised their rates considerably over the past year, making it more challenging for individuals, particularly first-time homebuyers, to obtain sufficient financing.
According to data collector HDN, the market has stabilized and even experienced a slight uptick compared to the first quarter of this year. They reported a 2% increase in mortgage applications, reaching 93,167 from April through June. In the first quarter, there were 91,341 applications submitted. Applications for home purchases have increased by 7.6 percent compared to the first three months of this year, totaling 60,099 applications.
The average mortgage amount for the second quarter stood at € 330.024, representing a 6.7% decrease compared to the previous year. However, both the mortgage amount and the average property value have increased by nearly 2 percent compared to the first quarter.
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