home price increases are slowing down
Existing owner-occupied home prices in the Netherlands were 16.6 percent higher in June than the year before, the lowest increases since July 2021. Home price increases are slowing down. In May, the price increase was 18.8 percent, Statistics Netherlands (CBS) reported.
Dutch home prices reached a low point in June 2013 and have been increasing ever since. Compared to June 2013, home prices were over 98 percent higher last month.
A total of 15,661 homes changed hands in June, according to figures from the Land Registry. That is almost 12 percent less than a year earlier. In the first half of 2022, 91,305 homes changed ownership, 23.5 percent less than in the same period of 2021.
Earlier this month, the realtors association NVM also reported that home price increases are slowing down as the supply in the housing market is increasing. Higher mortgage interest rates also mean that people can borrow less - and therefore overbid less - which also has a depressing effect on home prices. “Yet a healthy balance between supply and demand is still hard to find. In the second quarter, eight out of ten homes were still sold above the asking price,” the NVM said.
