By our economics editors
Jul 24, 2023 at 9:30 PMUpdate: 41 minutes ago
People who buy a home for the first time see their homes fall in value faster than people who move on to a next home. This is mainly due to higher mortgage interest rates.
In the second quarter of 2023, a home cost an average of 5.2 percent less than one year previously. People who bought a house for the first time paid 4.9 percent less. They deposited an average of 399,000 euros, according to figures from Kadaster for the second quarter of 2023.
“Starters are largely dependent on a new mortgage,” says Paul de Vries, housing expert at Kadaster. Because mortgage interest rates rose, they had less to spend. And that drives down the price.
Moving on, people who already own a house and bought something new, saw prices fall by only 3.6 percent. “They bring more capital with them from the house. Because of the rising prices, they often have a lot of surplus value,” says De Vries.
Although the rest of the country is now also participating, prices are falling the hardest in the four largest cities. There, a buyer pays 8.4 percent less for his first home than in the same quarter in 2022. People moving on pay 6.1 percent less.
While people who own a house are less and less likely to buy something new, the number of first-time buyers on the housing market remains more or less the same. They do not always have the choice to wait for a suitable moment because they have a temporary rental contract, for example.
2023-07-24 19:30:29
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