Jan 22, 2024 at 12:13 AM
Although prices of owner-occupied houses are now rising again, they have fallen for quite some time last year. This was especially visible in North Holland and Utrecht, where a home was on average almost 5 percent less expensive than the year before.
This is evident from figures from statistics agency CBS and the Land Registry. In particular, the increased mortgage interest rate meant that buyers could borrow less and offer less last year. That had an impact on prices.
In the province of Utrecht, homes were on average 4.8 percent cheaper last year than the year before. In North Holland the decline was almost as large: 4.7 percent. Prices also fell in all other provinces, although the decline in Limburg was limited to 0.8 percent.
Unfortunately for some, the tide on the housing market turned again halfway through last year. Prices started to rise and it has now almost become ‘normal’ to overbid again. Figures from real estate agents’ association NVM previously showed that more than half of the houses were sold above the asking price in the fourth quarter.
The increase caused prices in December to be higher than a year earlier for the first time in a long time. A home cost an average of 422,372 euros last month. That is 1.6 percent more expensive than in the same month of 2022. Compared to November, prices were 0.2 percent higher.
Fewer houses sold, especially in Limburg
The number of homes sold decreased last year. In total, around 180,000 houses changed hands. That is 5.5 percent less than the year before.
This decrease was seen throughout the country, with Limburg as the biggest outlier. More than 13 percent fewer houses were sold there than a year earlier. There were also significantly fewer transactions in Flevoland, Groningen and Friesland.
All the above figures only concern existing buildings. This does not include new construction.
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Housing marketEconomy
2024-01-21 23:13:37
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