2023-08-21 22:01:17
The price of an owner-occupied house was on average 0.5 percent higher in July than one month previously. There was also a small increase in June. House prices fell slightly in the months before that. This is evident from figures from Statistics Netherlands and the Land Registry.
The prices of owner-occupied homes have risen sharply for years. In 2021 and 2022 there were even increases of more than 20 percent in one year.
But last year prices started to drop a little at the end of the summer. This was mainly due to the rapidly rising mortgage interest. At the beginning of last year you might still fix your interest for, for example, ten or twenty years between 1 and 2 percent, that had already risen to regarding 4 percent by the middle of last year.
As a result, home buyers might borrow less and therefore bid less. In the meantime, the fall in house prices seems to have come to a halt, at least for a short time, given the increases in June and July.
If you compare house prices in July with a year earlier, you still see a clear fall of no less than 5.5 percent. In June, the average price of an owner-occupied home was also 5.5 percent lower than the year before.
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Fewer houses bought than last year
Last month, 14,925 homes changed hands. That was more than 9 percent less than the number of transactions in July last year. This decrease is in line with the rest of the year. More than 7 percent fewer homes were sold in the first seven months of 2023 than in the same period last year.
The above figures only refer to existing owner-occupied houses. Newly built homes are not included in these figures.
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