First-time buyers are becoming increasingly dominant in the mortgage market, notes the Mortgage Data Network (HDN). In total, more than 31,500 mortgages were applied for, 55 percent of which were done by first-time buyers. A year earlier that percentage was still around 45 percent.
HDN notes that the number of mortgage applications in April last year was much higher, at more than 54,500. Since then, the number of mortgages that are re-negotiated has ‘dried up’ in particular as a result of rising interest rates, according to the data platform. The share of buyer’s mortgages, on the other hand, increased.
The average value of the mortgages applied for has decreased on an annual basis. The mortgage amount for a first-time buyer fell by 6 percent compared to April last year to an average of just over 320,000 euros. Mortgage applications from people moving up fell by 10 percent to an average value of just over 339,000 euros.
