More people under 30 applying for mortgages

There was a sharp increase in young people under 30 applying for mortgages last month compared to January 2022. The number of mortgage applications from people aged 18 to 28 increased by a quarter, De Hypotheker reported on Monday. According to the chain of mortgage advisers, the increase is partly due to house prices falling, more homes being available for sale, and a slight decrease in mortgage interest rates.

In relation to all mortgage applications, the proportion of young adults applying last month increased significantly. Their share almost doubled to 27 percent. In January 2022, 15 percent of applications were made by young buyers.

Home seekers have to bid less against each other because the housing market is cooling down, said Menno Luiten, commercial director at De Hypotheker. “Young home buyers are gradually getting a foot in the door as a result.”

Many young people still couldn't buy a home because the average price was above their budget. The average home cost 407,000 euros in the last three months of 2022. Young buyers could receive an average mortgage of 276,000 euros at the end of 2022.