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22 oct 2024: Summary Housing Market Survey Q3

Summary Housing Market Survey 3rd Quarter 2024

Introduction

This quarterly analysis provides insights from estate agents on the housing market, including expectations for the coming quarter, buyer behaviours, and the new build market. The survey was conducted between 12 and 19 September 2024 with a response rate of 16%.

1. Current State of the Housing Market

- Housing market rating: Estate agents give the housing market a rating of 5.3, which is a slight improvement on previous quarters. However, perceptions of the market remain below the norm, and there are concerns that in the absence of improvements, the figure could fall.

- Regional Differences: The Randstad region scores the worst, with North Brabant the exception. Groningen and Zeeland have the highest ratings.

2. Expectations for the Coming Quarter

- Positive Developments: Decrease in mortgage rates, increase in housing supply through new construction and sale of rental properties, and stabilisation of house prices are seen as positive. However, about a third of estate agents do not see any positive changes.

- Negative Developments: Expectations of rising house prices due to scarcity, a shortage of new construction, and a decrease in the supply of rental properties cause concern.

3. Behaviour of Buyers

- There are signs of a cooling in the housing market, with a decline in serious viewers and bids. However, the number of active first-time buyers and expats seems to be rising slightly.

- Average Numbers: On average, there are 14 viewing requests per property, leading to 11 viewings and 4 bids.

4. New construction market

- The marketability of new construction remains high and stable, with a score of 8.3 for ground-level houses and 7.5 for flats. Sustainability remains the main reason for buying new construction.

- Obstacles such as high bridging costs and long delivery times are increasingly experienced by estate agents, while the financeability of new-builds has become less of a problem.

Conclusion

The housing market is showing signs of stabilisation, but tightness and rising prices remain major concerns for estate agents and buyers. The new-build market is showing a positive trend, although there are obstacles that may hinder sales.

Source: NVM