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Published in:
Personal Pensions and Homeownership in the EU: An Overview Read chapter Read first chapter

2018 | OriginalPaper | Chapter

Dutch Pensions and Housing: Towards a Social Divide

Author : Marietta E. A. Haffner

Published in: Old-Age Provision and Homeownership – Fiscal Incentives and Other Public Policy Options

Publisher: Springer International Publishing

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Abstract

Dutch pension and housing markets occupy a unique position in the European Union. Historically, they have a universal rather than a selective bedrock. In a situation where most jobs were permanent, the pension system produced adequate retirement income across the (working) population. While income levels were irrelevant for the allocation of social housing, access to mortgage finance was relatively widely spread as witnessed by the skyrocketing mortgage debt and a number 1 or 2 position in the ranking of mortgage debt as share of GDP across Europe. The future promises putting more responsibilities on the shoulders of the citizens, making access to pensions more risky and access to homeownership more difficult, especially for those with a lower income.

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previous chapter Holding on and Letting Go in Ireland: Examining the Policy and Fiscal Environment for Supplementing Retirement Income from Residential Property
next chapter Pensions, Housing and Mortgage Markets in the UK
Footnotes
1
As the databases are cross-sectional, different groups of households are included in different years.
 
2
In these figures, the amount of savings in an endowment insurance associated with an endowment loan is not taken into account.
 
3
The amount of savings associated with an endowment loan and other loan types is not taken into account (CBS 2016). Different estimates about negative equity circulate depending on the estimates for these savings. Ministerie van Binnenlandse Zaken en Koninkrijksrelaties (2014, p. 37) reports that the Dutch Central Bank estimated 30% of owner-occupiers to have had negative equity in their home by the end of 2013 (De Nederlandsche Bank 2014, p. 21), and that others have estimated a share of between 14% and 16% of homeowners in 2011 and 2012. In the latter study, the savings amounts were estimated to be higher than in the former study, which explains the difference in outcomes.
 
4
The automatic right of the provider of the mortgage loan to sell the dwelling via an auction. These sales would exclude foreclosures that are not effected via an auction or via the National Mortgage Guarantee (next section).
 
5
Next to the more strictly set ratios, loan characteristics embody a standard length of mortgage contract of 30 years. The most common interest rate period is fixed for 5–10 years (Van der Heijden et al. 2011). The average term for the interest rate shortened as a result of the decrease in interest rates.
 
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Metadata
Title
Dutch Pensions and Housing: Towards a Social Divide
Author
Marietta E. A. Haffner
Copyright Year
2018
Book
Old-Age Provision and Homeownership – Fiscal Incentives and Other Public Policy Options

Print ISBN: 978-3-319-75210-5

Electronic ISBN: 978-3-319-75211-2

Copyright Year: 2018

DOI
https://doi.org/10.1007/978-3-319-75211-2_4