Over 134,000 mortgage applications in Q3; First-time buyers gaining ground

The number of registered mortgage applications rose by 16 percent in the third quarter to over 134,000 compared to a year earlier, reported the Mortgage Data Network (HDN), which records virtually all mortgage applications in the Netherlands. First-time buyers are gaining ground in the home-ownership market. Over four in ten home buyers in the first half of this year were first-time buyers, according to the Land Registry. In 2018, only three in ten homes went to newcomers to the market.

The mortgage applications included applications from home buyers and from people increasing their mortgage for renovations, among other things. In the buyers’ market, there were 83,600 applications. Upscalers, people selling their home and purchasing a more expensive one, formed the largest group with 17,990 applications. The non-buyers’ market grew to 56,000 applications, with mortgage increases as the main driver. Of these, renovators accounted for the most applications at 22,370.

On average, buyers applied for a mortgage of €374,000, 3 percent more than a year ago. The average home value reached another high of €513,000, an increase of 4 percent.

DHN further reported that the buyer’s market grew in all provinces, led by Utrecht and Drenthe. The average home value rose most sharply in Friesland and Groningen. Utrecht, with an average home value of €608,200, remained the most expensive province to buy a house.

“The increase in upward mobility is creating more fluidity in the housing market. This seems like a positive sign for first-time buyers, as it means more existing homes are becoming available. However, affordability for first-time buyers is under pressure due to high prices and a substantial amount of down payment required,” said HDN director Jennifer op ‘t Hoog.

Despite these barriers in their way, first-time buyers are gaining ground in the housing market. Over four in ten buyers in the first half of the year were first-time buyers, the Land Registry reported. In 2018, only three in ten homes went to newcomers to the market.

According to the Land Registry, the number of first-time buyers buying a home together is particularly on the rise. These couples often buy terraced houses. Since last year, they’ve also been more likely to buy when investors put former rental apartments up for sale. Many investors selling their rentals also contributed slightly to the increase in first-time buyers buying a home, according to calculations by the Land Registry. These often involve cheaper homes more likely to fit within first-time buyers’ budgets.

The Dutch housing market has been experiencing rapidly rising prices for years. This is reflected in the different prices paid by first-time buyers and homeowners moving up to a new home. The latter group can often use the equity in their old home to purchase their next home.

Since 2015, the price difference between the two groups has only increased. In the second quarter of 2025, upscalers who bought a home together paid an average of €640,000. That was almost €200,000 more than first-time buyers who bought a home together. For buyers who bought a home alone, the price difference between first-time buyers and upscalers was an average of €110,000.