ANP
News from the NOS•today, 10:00•Modified today, 10:15
A different wind is blowing on the real estate market, according to the latest data from the NVM real estate association. In the third quarter of this year, house prices fell by 5.8 percent from the previous quarter. This is the largest quarter-over-quarter decline that NVM has ever measured.
Compared to a year earlier, there is still a small increase in house prices: by 2 percent. This is a much smaller increase than before. In the second quarter of this year, prices still increased by around 11 percent year-on-year and by around 14 percent in the first quarter.
Turning point
“The extremely hot market of the past year and a half has reached a tipping point,” said Lana Gerssen, interim president of NVM. “The influence of rising interest rates on mortgages, skyrocketing energy costs and inflation are taking the madness out of the market. The growing supply of housing and a drop in the average selling price make the housing market a little friendlier. “.
The selling price of an average house has dropped by more than 25,000 euros:
NOS
All kinds of data show that the housing market has entered different waters. For example, the number of homes for sale increased by 22 percent in three months. The average number of views is down sharply, from nearly 10 times in 2021 to nearly 5 in July 2022. And the average number of home offers dropped from 3.2 in January to 2.2 in July.
In several regions, the decline in prices compared to the previous quarter is still much higher than the national average of 5.8 per cent. In the regions of IJmond, Haarlem and Greater Amsterdam, prices drop by around 8-9%.
There have also been some regions where prices have risen slightly, such as South East Friesland and South East Drenthe.
‘It’s not a normal housing market yet’
With supply growing, NVM real estate agents sold nearly 32,500 homes in the last quarter, roughly the same as the same quarter last year and 10% less than the previous quarter.
According to the NVM, there is still no talk of a “normal” real estate market. “With more supply, the options for buyers increase,” says President Gerssen. “This can also help the beginner. But with a shortage of over 300,000 homes, our brokers still have too many not to sell.”
Mortgage interest
A major cause of the housing market cooling is rising mortgage interest rates. Due to the higher interest rates, people taking out a new mortgage now spend more on monthly payments than they did some time ago.
For example, according to data from the Van Bruggen Adviesgroep, interest on a mortgage with NHG and 10-year fixed interest is now almost 4% on average. A year ago it was still around 1%.
