Increase in house prices almost the same as last month

21/07/2008 15:00

In June 2008, the average price increase of owner-occupied dwellings was 2.8 percent relative to twelve months previously. In May, house prices increased by 2.9 percent. The average price increase has slowed down since February 2008. This is reflected in the price index of current owner-occupied houses.  

Prices of all types of homes went up. Prices of flats increased most (3.8 percent) relative to June 2007. With 2.2 percent, the lowest price increase was recorded for semi-detached houses. Prices were higher than one year ago across all Dutch provinces, except for the province of Zeeland.

Prices of existing owner-occupied homes were 0.4 percent higher in June 2008 than in May. Prices increased most in the province of Limburg. Compared with May, prices declined in four out of the twelve Dutch provinces, most substantially in Zeeland.

In June, nearly 16 thousand residential properties changed hands on the housing market. This is nearly 10 percent down on twelve months previously. The decline in June 2008 relative to June 2007 affected all types of dwellings. The number of homes sold may vary considerably from one month to another, but the decline extended over a longer period of time. In the first six months of 2008, the number of residential properties sold was 7 percent down on the same period in 2007.

The average purchase price of owner-occupied dwellings - as published by several institutions - may differ from the price index of owner-occupied dwellings as published by Statistics Netherlands and the Land Registry Office. The change in the average purchase price is, however, not an indicator for price developments of existing owner-occupied houses. For more information on this subject, see the article: Why the average purchase price is not an indicator.

Since January 2008, Statistics Netherlands – together with the Land Registry Office  (Kadaster) -  has published purchase prices of owner-occupied dwellings. The price index of owner-occupied dwellings reflects the purchase prices of existing owner-occupied dwellings in the Netherlands sold to private individuals.

Prices of owner-occupied dwellings

Prices of owner-occupied dwellings