May mortgage applications for home purchases surge 27%, setting new Dutch record
The Dutch mortgage market hit a new record in May, driven by an unprecedented surge in home purchase applications, according to new figures released by Mortgage Data Network (HDN). A total of 48,928 mortgage applications were submitted through the HDN platform, with 30,525 of those—62.3 percent—filed for the purchase of a home. That is reportedly the highest number ever recorded for the month of May and marks a 27 percent increase compared to May 2024, when 24,019 purchase-related applications were submitted.
The spike in activity is likely linked to anticipated changes in interest rates, prompting many buyers to lock in lower rates by accelerating their applications, HDN stated. The organization registers nearly all mortgage applications in the Netherlands and is considered a key data source for trends in the housing finance sector.
While the overall number of mortgage applications fell just short of the all-time monthly record of 48,946 set in May 2021, the composition of this year's figures reveals a significant shift in market dynamics. In May 2021, only 47.8 percent of mortgage applications were tied to home purchases, while refinancing and home equity increases made up 32.1 percent, totaling 15,712 applications.
In contrast, May 2025 saw 18,403 applications—or 37.7 percent of the total—submitted for refinancing or increasing existing mortgages. The strong dominance of purchase applications underscores the resurgence of the buyers’ market.
Buyers in May 2025 took out an average mortgage of 376,133 euros, up 6.1 percent compared to May 2024. The average market value of homes purchased was 510,022 euros, representing a 6.4 percent year-on-year increase. Although substantial, this figure is slightly below the peak recorded in March 2025, when the average home value reached 511,840 euros.
While the total number of applications increased, the share of mortgages for new-build properties declined. In May, 3,178 applications were filed for new construction homes, accounting for 6.5 percent of all mortgage requests. This marks an 11 percent decrease compared to May 2024.
Nonetheless, the market value of new-build properties rose significantly. The average value increased from 528,137 euros in May 2024 to 551,800 euros in May 2025—an annual jump of 4.5 percent.
Among buyers of new-build homes, the highest average price was paid by so-called upscalers—those moving to a larger newly constructed home. This group paid an average of 733,745 euros, an increase of 6.8 percent compared to last year. First-time buyers, categorized by HDN as “Young Starters” and “Stable Starters,” faced smaller increases, with an average property value of 340,600 euros, up 4 percent.
The buyers’ market includes individuals applying for a mortgage to purchase a home, whether they are first-time buyers or current homeowners moving to a different property. The non-buyers’ market includes individuals applying for a mortgage related to their existing home, such as for refinancing or increasing the loan amount.
