Jul 11, 2023 at 00:01Update: an hour ago
First-time buyers were able to buy more houses in the past six months than in the same period last year. This was due to lower prices, higher incomes and looser borrowing standards. Yet their position remains difficult, especially for single people.
Real estate association NVM and data collector Brainbay report this on the basis of their own research. First-time buyers bought around 28,000 homes in the first six months of this year. That was slightly less than 27,000 a year earlier. The increase is particularly striking, because the total number of homes sold in that period was actually lower than last year.
People who want to buy a house for the first time have had a difficult time on the housing market for years. This is mainly because prices have gone through the roof in recent years, sometimes rising by more than 20 percent in one year.
But the position of starters has become less precarious lately. This is partly because house prices fell between last summer and last quarter. Another factor is that many wages have been raised.
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Smoother rules for mortgages
In addition, rules have changed for determining the maximum mortgage you can get. For example, since the beginning of this year, student debt counts less heavily, while the income of a possible partner counts more heavily.
All this meant that 45 percent of the homes sold in the first half of the year went to first-time buyers. That was still 40 percent in the first six months of last year. This growth was at the expense of transferees and investors.
In recent years, rules have been introduced that are detrimental to investors. For example, they pay more transfer tax and in some regions they are not allowed to buy houses to rent out. In addition, a points system is being developed that will limit the maximum rental price. Real estate investors are therefore increasingly opting to sell their properties.
Single starters hardly have a chance
Although NVM is delighted that starters have more options, buying a house is virtually impossible for single people without assets. Anyone with a gross salary of 38,000 euros and no ‘own money’ has a chance of winning only 3 percent of the available owner-occupied houses.
The situation is somewhat better for two-income households. With a combined income of 76,000 euros, 37 percent of the current supply is within reach.
“But that’s not enough,” says Lana Gerssen, chair of the Housing department at NVM. “If recent price increases continue and housing supply remains tight, the situation is not expected to improve.” According to her, it remains important that many new houses are built.
2023-07-10 22:01:29
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