A steppingstone towards homeownership?

Abstract

Housing affordability has become an increasing challenge in the Netherlands, particularly for first-time buyers who are unable to access social housing while simultaneously facing barriers to full homeownership. In response, intermediate tenure mechanisms have emerged that aim to bridge the affordability gap by redistributing ownership rights, financing arrangements, and housing market risks between households and third parties. However, limited understanding exists of how the design of these mechanisms shapes pathways towards homeownership.

This study examines how ownership, financial, and risk-allocation features embedded within Dutch intermediate tenure mechanisms influence transitions towards first-time homeownership. The research focuses on three contemporary Dutch mechanisms: SteenvlinderINC, Duokoop, and Welvoort. A qualitative multiple-case study approach was applied, combining document analysis with semi-structured interviews involving providers and a housing market expert.

Building on an analytical framework derived from international literature on intermediate housing tenures, ownership structures, affordability, and housing market risks, the study first identifies and compares the key design characteristics of the selected mechanisms. Subsequently, these characteristics are analysed to determine which design features facilitate or constrain progression towards homeownership. Finally, a scenario-based financial analysis was conducted to assess the extent to which the mechanisms function as stepping stones to full homeownership under varying housing market conditions and household income trajectories.

The findings demonstrate that all three mechanisms seek to improve access to homeownership by reducing upfront affordability constraints, yet they employ fundamentally different strategies. SteenvlinderINC combines phased ownership with self-build participation and a fixed purchase price, Duokoop separates land and property ownership through a split-financing model that enables households to benefit from property value appreciation, and Welvoort applies a rental-first pathway combined with a value-sharing arrangement. The scenario analysis reveals that the effectiveness of these mechanisms is highly dependent on the interaction between housing market developments, household income growth, and risk-allocation structures.

The study contributes to the academic literature on intermediate housing tenures by providing a comparative analysis of contemporary Dutch mechanisms and by demonstrating how ownership, financial, and risk-allocation features jointly shape homeownership trajectories. The findings offer insights for housing providers, households, policymakers, and market actors seeking to expand affordable pathways towards homeownership and to enhance the accessibility and effectiveness of intermediate tenures as stepping stones towards full homeownership in increasingly constrained housing markets.