Rising house prices and a drop in mortgage interest rates have boosted the average new mortgage in the Netherlands to €346,572, according to mortgage advisory group De Hypotheker.

The previous record set by De Hypotheker branches was €337,384 and dates from 2022. Since then interest rates have gone down slightly and the amount people can borrow, based on the value of the property, has risen. Salaries have also gone up.

Last week, family spending institute Nibud said with wages rising by an average of 4.3% “a household with an annual income now of €70,000 and an average pay rise ahead will be able to borrow roughly an extra €7,000.”

The average price paid for a property in the Netherlands reached almost €467,000 in September, according to national statistics agency CBS.

People in the 40 to 45 age group are borrowing most for a property, De Hypotheker said. Youngsters are more likely to opt for a cheaper home and older people are cashing in on the increase in value of their homes and borrowing less when they move.