Owner-occupied home prices in the Netherlands increased by 9.1 percent in the first quarter of this year compared to a year before, the Dutch Association of Realtors (NVM) reported on Thursday. More than half of homes were sold above asking price for the second straight quarter. The housing shortage plays a big role in that, as more buyers bid for fewer homes, the realtors said.
The prices for owner-occupied homes increased again in the last three months of the year compared to the same period a year earlier, reports the real estate agents’ association NVM. It was the first annual increase since the third quarter of 2022. That was followed by a period in which interest rate increases put pressure on house prices, but tight supply is now causing price increases again.
The chances for first-time buyers to purchase a home are at a historic low, as evident from research by BLG Wonen reported by AD on Thursday. This decade poses unprecedented challenges for first-time homebuyers compared to previous generations.
After last year's housing market slump, first-time home buyers are once again facing fierce competition when hunting for a home. Mid-priced homes in particular are hard to come by because there are so many other applicants, according to the NVM realtors association when it released its new quarterly figures. As a result, overbidding for these types of desirable homes is once again common.