The number of mortgage applications from home buyers under the age of 35 rose 17 percent in the first five months of this year compared to the last five months of last year. De Hypotheker concluded this Thursday based on its own numbers. This is a clear change from previous periods, when the number of orders in this age group fell sharply.
It is easier for young homebuyers to buy a home now that the housing market appears to be in a slight calm. This is not just the case outside of Randstad. We are also seeing an increase in the number of young buyers there. For example, the number of mortgage applications from young people in the south of the Netherlands increased by 24 percent and in the province of Utrecht by 21 percent.
The total number of mortgage applications to buy a home has also increased. De Hypotheker concludes that this also has something to do with the refrigerated housing market. Home prices are now 2 percent lower than they were at the end of 2021.
Another reason for the increasing number of applications is the rise in mortgage interest rates. Compared to January, this increased by nearly 2 percent. Thus, home buyers can borrow less, but this also means that first-time buyers have less competition.
The third reason mentioned by the mortgage advisor is the current job market. Young homebuyers find it easier to find a job, which increases the chances of getting an affordable home.