Increase in house prices slows down further

Average house prices in the Netherlands were 1.0 percent higher in November 2008 than twelve months previously. In October, prices were still 2.3 percent higher. Price increases slowed down considerably in the course of 2008.

Prices of all types of existing homes went up, with the exception of detached houses. Prices of terraced and semi-detached houses increased by most: 2.0 percent. Prices of detached houses were 1.9 percent lower than in November 2007. The most substantial price increase was recorded in the province of Utrecht. Prices in Gelderland and Zeeland, on the other hand, were down on the same month last year.

Compared to October 2008, prices of homes were 0.9 percent lower in November. Prices of semi-detached houses were slightly up, while prices of all other types of homes dropped.

Altogether, 11.6 thousand houses were sold in November. This is 4.9 thousand fewer than in October, i.e. a 30 percent decrease. The number of house sales was 6.4 thousand lower than twelve months previously. November had fewer working days than October 2008 and November 2007, however. In the period January–November, the number of sales was 9.4 percent down on the same period last year.

For more information on international housing market developments, see the article “Moderate price developments on Dutch housing market.”

Statistics Netherlands and the Land Registry Office have published prices of owner-occupied dwellings since January 2008. The price index of owner-occupied dwellings reflects price changes of existing owner-occupied dwellings in the Netherlands sold to private individuals.

Prices of owner-occupied dwellings

Prices of owner-occupied dwellings

More figures can be found on the theme page Prices.