Wednesday 28 June 2017

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House prices continue to rise, were up nearly 8% in May

Housing

House prices in the Netherlands were almost 8% higher in May than they were a year ago, the national statistics office CBS said on Wednesday. House prices have been rising steadily for over three years now and are nearly 18% higher than in June 2013, when the housing market was at its lowest level. The price of an average home is now on a par with prices in summer 2006, still some 8% below August 2008 when they hit a record. Sales were also up last month. Figures from the land registry office show nearly 20,000 transactions were recorded in May, a rise of 25% of May 2016 and 20% up on April this year. House prices in some parts of the country - Amsterdam and Utrecht in particular - have already outstripped the August 2008 record.   More >


Lower mortgage interest rates on the way

Housing Just as it is beoming more difficult to qualify for a mortage, mortgage interest rates are coming down, the Telegraaf reported on Wednesday. Mortgage adviser Hypotheekshop said that after mortgage interest rates were lowered by Rabobank and Munt, other big providers are expected to follow suit, the paper said. Interest rates on the capital market, which largely determine the mortgage rate, have dropped from over 0.6% to less than 0.5% in recent weeks. This works its way down to individual mortgages, Hypotheekshop said. Seasonal influences are also coming into play. June is traditionally the month when many new mortgages are agreed and mortgage providers become more competitive as a result, Hypotheekshop pointed out.   More >


Further mortgage cuts will hit hard: CPB

Housing If the rules for handing out mortgages in the Netherlands get any tougher, two-thirds of first-time buyers will have to delay their home-owning plans, the government's macro-economic think tank CPB said on Tuesday. From next year, mortgages cannot exceed 100% of the value of the property, meaning buyers must have considerable savings to pay the fees associated with buying a home and for renovation work. However, various organisations, including the Dutch central bank, have called for a reduction in the maximum mortgage to 90% of the value of the property. This, the CPB calculates, would rule out two-thirds of potential buyers. The 100% limit will force half of first-time buyers to put their plans on hold. Not only will first-time buyers have to wait up to five years to buy a home, but they will have to live in more expensive rental property while doing so, which will also eat into potential savings, the CPB said. The government has said it has no plans to reduce the maximum mortgage to under the 100% limit.  More >