House prices have fallen for the third month in a row, national statistics office CBS said on Tuesday, in a further sign that the overheated Dutch housing market is cooling down.
The September to October decline was 0.5%, and the average price of a house is now €428,000, down €18,000 on three months ago, the CBS said.
Year on year house prices rose 7.8%, a third of the rise recorded in January, and house prices have now been flattening for six months.
The housing market is under pressure from rising mortgage interest rates. A year ago, a buyer could get a 10 year fixed rate mortgage for around 1%, but that has now risen to 4.5%, mortgage advisors say.
The land registry office recorded nearly 15,000 transactions last month, down 8% on a year ago. And over the first 10 months of the year, transactions are down 17% on the same period in 2021.
Estate agents organisation NVM said last month the average house sold for 5.8% less in the third financial quarter than between April and June.
Those figures were the first solid indication that the Dutch property market was taking a downturn, after months of strong growth.
The CBS statistics measure sales when they are reported to the land registry office but the NVM figures reflect homes sold by its accredited agents.
Thank you for donating to DutchNews.nl
The DutchNews.nl team would like to thank all the generous readers who have made a donation in recent weeks. Your financial support has helped us to expand our coverage of the coronavirus crisis into the evenings and weekends and make sure you are kept up to date with the latest developments.
DutchNews.nl has been free for 14 years, but without the financial backing of our readers, we would not be able to provide you with fair and accurate news and features about all things Dutch. Your contributions make this possible.
If you have not yet made a donation, but would like to,
you can do so via Ideal, credit card or Paypal.
Source: Dutch News