The Dutch mortgage market recovered from its 2023 dip last year, with a 29% rise in new agreements, according to monitoring group Hypotheken Data Netwerk (HDN).

In total, the HDN registered 483,922 mortgage requests in 2024, of which 303,230 were for buying a house – a rise of 26%. The rest of the requests were for either transferring or increasing a mortgage, HDN said.

Director Jennifer op ‘t Hoog said the decision by the European Central Bank to reduce interest rates had led to lower mortgage rates which, in turn, had stimulated demand. Higher wages have also allowed people to borrow more, she said.

The average mortgage taken out last year rose 8% to €359,500, up €27,000 on a year ago.

First time buyers were responsible for 160,540 of the mortgages. “But we see that the market is becoming less accessible,” Op ‘t Hoog said. “Prices keep rising and first-time buyers have to increase the amount of cash they can put into a property.”

Almost 15% of mortgage requests included measures to increase the property’s energy efficiency.