The number of mortgage applications from home buyers under the age of 35 rose by 17 percent in the first five months of this year compared to the last five months of last year. De Hypotheker concluded this on Thursday based on its own figures. This is a clear change from previous periods, when the number of applications in this age group actually fell sharply.
It is becoming easier for young homebuyers to buy a home now that the housing market appears to be cooling down slightly. This is not only the case outside the Randstad. We also see an increase in the number of young buyers there. For example, the number of mortgage applications from young people in South Holland increased by 24 percent and in the province of Utrecht by 21 percent.
The total number of mortgage applications for the purchase of a home has also increased. This also has to do with the cooling housing market, concludes De Hypotheker. House prices are now 2 percent lower than at the end of 2021.
Another cause of the increasing number of applications is the rise in mortgage interest rates. Compared to January, this has increased by almost 2 percent. Home buyers can therefore borrow less, but it also means that first-time buyers have less competition.
A third cause mentioned by the mortgage advisor is the current labor market. Young home buyers find it easier to find a job, which increases the chance of an affordable home.