- The improvement in the Market Indicator of the Homeowners’ Association (Dutch acronym: VEH) shows that pessimism regarding the housing market is waning. The change in sentiment is mirrored in existing housing transactions. After a sharp drop in the first half of the year, transactions are increasing again. Recent price data are also giving rise to optimism.
- However, the price recovery will remain modest for several reasons. It is unclear whether the change in the fiscal regime has already been fully discounted. The number of houses for sale is large. Furthermore, the capacity to borrow is being constrained, in terms of both collateral value and income.
- Although the losses declared by the National Mortgage Guarantee fund are rising, credit risks remain within limits. This is confirmed by the number of payment arrears and involuntary housing auctions.
- Although the national mortgage bank could provide many advantages, it is not yet certain whether it will be established. Both the Dutch government in The Hague and the European authorities in Brussels have to agree.
- Energy-saving investments in the built environment are set to rise thanks to the so-called Green Deal, which makes it possible to pay for investments via the energy account, and to the establishment of a revolving fund to finance energy-saving measures in the built environment.