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Mortgage Update | Insights from Q1 2024

Positive trend in mortgage market continues in Q1 2024.

Utrecht, June 16, 2024

The upward trend of the mortgage market continued in Q1 2024. Thus, the number of mortgages completed increased by 7.4% to 79,000 mortgages compared to the first quarter of 2023. Mortgage sales increased by 15.8% to €27.4 billion over the same period.

The increase in mortgage revenue is largely driven by existing homeowners. Among this group, mortgage revenue rose from €14.6 billion in Q1 2023 to €17.0 billion in Q1 2024. The number of mortgages also rose sharply among existing homeowners, from 43,000 in Q1 2023 to 48,000 in Q1 2024, an increase of 11.5%.

Mortgage Update

Decline in mortgage revenue among those refinancing 

The sharp decline in mortgage revenue among refinancers observed in recent quarters continues in Q1 2024. Mortgage sales among this group fell 0.7% compared to Q1 2023. It is still not appealing to refinance because of interest rates that increased in recent years. 


Banks have largest share among refinancers  

Banks have regained a majority market share when it comes to those who are refinancing: 56.4% market-wide, the highest level since 2019. This contrasts with last quarter when banks had to cede market leadership to "other parties" a group of small residual parties1.  These parties were still able to note some decent increases last quarter but made considerable losses this quarter. These other parties are losing 17.7%-points of market share among refinancers, something that both banks and insurers are benefitting from this quarter. 

ABN AMRO as big winner in the top 10 corporations 

ABN AMRO shows a nice increase of 1.9%-points. They traded in the third spot for second place and are therefore back above ING. This puts ING in third place. Rabobank drops by 0.7%-points in Q1 2024 compared to Q4 2023 and is again in the number 1 spot. This sharp decline follows a 1.5%-point drop in the previous quarter. Lloyds bank is back in the top 10 labels after being absent last quarter, taking the 9th spot this quarter. Argenta group is the surprise entrant for Q1 2024, making its way into the top ten at the 10th spot.

Kind regards,

Simone Mensink

Simone Mensink

Director Banking

T: +31 6 80 16 95 48

Authors & data analysis of the IG&H Mortgage Update:


Rick Verweij 

Martijn Linssen


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