Prices of owner-occupied houses, excluding new constructions, were on average 2.7 percent higher in March 2015 than in March 2014. House prices have been above the level of the same month one year previously for twelve months now, according to the price index of owner-occupied houses – a joint publication by Statistics Netherlands (CBS) and the Land Registry Office.
House prices 4 percent up from dip in June 2013
In March 2015, the average price level of owner-occupied houses was approximately the same as in August 2003. In June 2013, Dutch house prices dipped to a low, but since then, prices have risen marginally. House prices were 4 percent higher in March 2015 than in June 2013, but they were still 18.3 percent below the record level reached in August 2008.
House sales further up
According to figures released by the Dutch Land Registry Office last Friday, 13,393 houses were sold in March, an increase by nearly 34 percent compared to March 2014. In the first quarter of this year, 34,527 homes were sold, i.e. an increase by over 19 percent relative to one year previously.
Year-on-year house prices up in all provinces
With the publication of the monthly figure for March, Statistics Netherlands also publishes more detailed information on price developments by region and type of dwelling. Across all provinces, average house prices were higher than one year previously. For the first time since the fourth quarter of 2008, house prices were higher than one year previously across all Dutch provinces.
House prices increased the most (by 4.1 percent) in the provinces of North Holland and Utrecht, mainly due to price developments in Amsterdam and the city of Utrecht. Residential property prices in these municipalities rose by 10.0 and 6.9 percent respectively relative to one year previously.
All types of dwellings more expensive
Just as in the preceding three quarters, prices of all types of dwellings increased in the first quarter of 2015. Prices of flats increased most rapidly, i.e. by 3.2 percent; prices of detached houses increased the least, by 1.2 percent.
Asking price still slightly falling
Apart from the price index of owner-occupied houses, Statistics Netherlands also publishes data on the average asking price of owner-occupied houses. Developments in the average asking price for residential property provide information about the supply side of the housing market. Asking prices are still falling, whereas selling prices have risen almost continually since the summer of 2013. As a result, the gap between asking and selling prices is narrowing.
The average asking price per square metre fell by 1.4 percent from 2,170 euros in the first quarter of last year to 2,140 euros in the first quarter of 2015. In the same period, prices on the residential property market were 2.4 percent higher than one year previously.
For more information on economic indicators, see the Economic Monitor.