For the first time in years, the average mortgage amount for first-time buyers has stopped growing. Mortgage broker De Hypotheker reports that new buyers have hit their financial limit, even though house prices jumped 5% this March compared to last year.
To keep monthly payments affordable, first-time buyers are choosing smaller homes or moving to cheaper areas. Their average mortgage has stalled at €347,900. “First-time buyers are having to make big sacrifices just to get on the property ladder,” says De Hypotheker.
This is widening the gap in the housing market. While first-time buyers are forced to compromise, people who already own a home can use their equity and higher incomes to buy bigger properties. As a result, the average mortgage for next-time buyers has risen to over €373,500.
@anp | NEWS BRAINPORT
