Increase in house prices slows down

22/09/2008 15:00

In August 2008, the average price increase of owner-occupied dwellings was 2.7 percent relative to twelve months previously. August’s price increase was the smallest in the past five years. Since September 2007, price increases have slowed down relative to the same period one year previously, with the exception of February and July 2008. This is reflected in the price index of existing owner-occupied houses.  

Prices of all types of dwellings went up. With 3.1 percent, prices of flats increased most, while the smallest price rise was recorded for detached houses (1.9 percent). Across all Dutch provinces, prices were higher than one year ago. In Friesland, Zeeland and Limburg, house prices were almost equal to twelve months previously.

Prices of existing owner-occupied homes were 0.6 percent higher in August than in the preceding month. House prices increased most in the province of Groningen. In the provinces of Friesland, Flevoland, Utrecht and Zeeland, prices dropped in August  compared with July.

Sales dropped for all types of dwellings and in all provinces. In August, 15.5 thousand residential properties changed hands on the housing market, i.e. 21 percent down on August 2007. In the first eight months of 2008, the number of sales was 8 percent down on the same period one year previously.

Since January 2008, Statistics Netherlands – together with the Land Registry Office - 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. For more information on this subject, the reader is referred to the article: Why average purchase price is not no proper indicator.

Prices of owner-occupied dwellings

Prices of owner-occupied dwellings

More figures can be found on the theme page Prices.