Fall in house prices comes to a standstill

Prices of existing owner-occupied houses sold in October were on average 5.2 percent down on October 2008. The price drop is less substantial than in September, when houses were 5.3 percent cheaper than one year previously. Until September, prices of residential property dropped steadily, but over the last two months prices have been stable, as is shown by the price index of existing owner-occupied houses, a joint publication by Statistics Netherlands and the Land Registry Office.

All types of existing owner-occupied houses were cheaper than in October 2008. With 4.4 percent, prices of terraced houses fell the least for the fifth month in a row. Prices of detached and semi-detached houses dropped most, i.e. by 5.9 percent.

House prices were lower across all provinces. The most substantial price reduction was recorded in Groningen (8.1 percent). With 2.3 percent, house prices fell the least in the province of Overijssel.

Prices of existing residential property were a fraction higher relative to September 2009. In Gelderland, Overijssel, North Holland and Utrecht, house prices were higher than in September. In the other provinces, residential property was cheaper.

Almost 11.4 thousand existing houses were sold in October 2009, a 31 percent decrease compared to October 2008. Sales declined considerably for all types of residential property. The number of detached houses and flats sold in October fell by 38 and 27 percent respectively.

Prices of owner-occupied dwellings