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Recovering mortgage market shows strong growth in Q2 2024

Utrecht, 13 August 2024

Mortgage revenue in the second quarter of 2024 reached the highest level since 2022. After a cautious recovery in earlier quarters, mortgage revenue is experiencing strong growth this quarter. Compared to Q2 2023, mortgage revenue is increasing by 28.3%. Also, mortgage revenue in Q2 2024 is up 17.0% from Q1 2024.


The cautious upward trend within the Dutch mortgage market makes way for solid growth in Q2 2024. Mortgage revenue was up 28.3% compared to Q2 2023. The number of mortgages closed also rose sharply by 16.9% compared to Q2 2023. This increase is largely driven by existing homeowners; mortgage sales in this group climbed by 31.4% compared to Q2 2023.


Significant recovery in mortgage revenue for refinancing

After repeated declines in mortgage sales for those refinancing, this trend is halted in Q2 2024. Mortgage sales among those refinancing increased sharply by 26.1% compared to Q2 2023. With this, refinancing becomes a more interesting option again. This may indicate a growth in mortgage sales from remodeling for sustainability, among other things. However, this group is not yet at the 2022 level.



Banks hold firmly onto their position as market leaders with strong growth among first-time buyers

Banks' dominance as mortgage providers is expanding due to a large gain in market share among first-time buyers (5.8%) in Q2 2024. The strong growth again marks the highest market share for banks since Q3 2019 (58.5%). Banks' growth is largely at the expense of foreign players and insurers. The further declining market share of insurers is particularly striking.

 

Top 10: Florius makes the biggest jump, Rabobank recovers and Argenta climbs higher

Florius leads the group of climbers in the second quarter with 0.9% growth. However, it is notable that overall growth among the top-5 risers is significantly lower than in Q1 2024. Few major changes take place within both the top-10 providers and concerns. After its growth in the first quarter, ABN AMRO retains its second place, despite ING's growing market share (0.7%) in third place. In first place, Rabobank's share is also growing again after a few weaker quarters. Finally, Argenta Group climbs further to the ninth position in the top 10 groups.



We wish you pleasant reading and invite you to respond!


Yours sincerely,


Nathan Burgers headshot Managing Director Financial Services

Nathan Burgers

Managing Director Financial Services

T: +31650274577



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


Rick Verweij

Wouter Stomphorst

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