New Dutch mortgages hit record-high €506,000 average in November

The average mortgage value for buying a home in November was almost 506,000 euros - the highest level ever, the mortgage data network HDN reported on Monday. The number of mortgage applications also skyrocketed, jumping 40 percent compared to November last year.

HDN called it striking that, while the prices for existing owner-occupied homes are skyrocketing, prices for newly built homes are remaining quite stable. Newly built homes’ market value has been fluctuating at around 550,000 euros for months.

“This means that the difference in price with existing homes is decreasing and there are more younger buyers who are opting for a newly built home,” HDN said. In November 2020, 15 percent of mortgage applications for newly built homes were by people under 30. Last month, that was 26 percent.

Last month, 46,228 mortgage applications were sent via the HDN Platform, approximately 40 percent more than a year earlier. Of these, 28,866 applications were for the purchase of a home, and 17,362 were for refinancing and increases.