September 30, 2022

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Sharp drop in owner-occupied home transactions and house price hike by another 20% |  Capital

Sharp drop in owner-occupied home transactions and house price hike by another 20% | Capital

According to Statistics Netherlands (CBS) and the Land Registry, 43,923 homes were sold in the first quarter of this year. This was the lowest number in six years. The average cost of a home increased by more than a fifth in January, February and March compared to the previous year. This is the largest increase since the start of the measurements. In March, the annual price increase was 19.5 percent. During the measurement period, the price increase slowed down somewhat.

Compared to the last quarter of 2021, the number of homes sold was down only 17 percent. Across all counties in the Netherlands, the number of transactions was lower on an annual and quarterly basis. The year-on-year decline was even greater in Utrecht, where nearly 39 percent fewer homes were sold. This was less significant in Flevoland, although the number of transactions here is still down by about a quarter.

Flevoland

On the other hand, prices in Flevoland rose 25 percent faster. Limburg closed the line here. In the southern county, the average home was valued more than 17 percent from the previous year.

In Amsterdam, the number of deals fell 42.5 percent. Utrecht and Rotterdam were also above average with decreases in sales agreements of 37.6 and 34.4 percent, respectively. The decline in The Hague was more than a fifth below average.

Among the major cities, prices in Utrecht rose the fastest. On average, 21.3 percent more had to be paid to purchase a home in Domstad. Prices rose by about 19 percent in Rotterdam, The Hague and Amsterdam.

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With regard to housing types, the decrease in transactions was least noticeable in apartments. There was a 16 percent loss. The number of terraced homes, detached homes, and semi-detached homes that traded declined between 36 and 40 percent.