Nov 9, 2023 at 10:15 AM Update: 3 minutes ago
Due to the wage increases in 2023, more people in the Netherlands are looking forward to purchasing a home. For example, higher income groups can sometimes borrow up to 50,000 euros more than a year earlier. But that does cause house prices to rise.
While mortgage rates remained fairly stable this year, wages rose. This tempted starters in particular to take a look at the housing market. But the number of available houses remained dramatically small.
Due to the limited supply and the larger budget of many buyers, house prices rose in the second and third quarters, researchers conclude. Monitor Owner-occupied housing market. “The wage increase as compensation for the high inflation in 2022 will therefore certainly partly be spent on housing.”
There was even more outbidding, the monitor researchers see. The share of homes sold above the asking price has risen to 45 percent. On average, buyers paid 0.2 percent more than the asking price, according to data from real estate agents’ association NVM.
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Price increase is not too bad due to season
The average sales price in the third quarter was 1.7 percent higher than the previous quarter, NVM figures show. According to the Price Index for Existing Owner-occupied Homes (PBK), which is approximately ten weeks behind NVM data, prices rose by 1.2 percent after three quarters of price falls.
The researchers believe that the price increase has been somewhat limited due to the summer season, when prices are often somewhat lower. We have also not yet returned to the high level of 2022: the average sales price of 422,000 euros in the third quarter was 3.5 percent lower than a year earlier.
Only three houses per potential buyer
Experts express their concerns about the number of new-build homes on the sales market. Only 2,800 new owner-occupied homes were offered in the second quarter. That is a shrinkage of 70 percent in 2.5 years. Judging from the number of building permits granted, the prospects for the coming years are also “downright bad”, they write.
The lack of new construction maintains the shortage. Buyers can now choose from an average of fewer than three suitable owner-occupied homes. That’s half of what is considered usual.
2023-11-09 11:59:42
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