Home prices fall again, the steepest decline in the month since 2013

House prices fell further in November and faster than in previous months. In one month, the value of owner-occupied homes was down 1 percent from October. This is the steepest drop in a month since May 2013.

Data from Statistics Netherlands (CBS) and the Kadaster show that house prices have risen sharply since 2013, but that trend has reversed since the summer. Prices have dropped for four consecutive months.

This trend reversal is due to the fact that borrowing money for a house has become more expensive due to the increase in interest on mortgages. Consumer confidence in the economy and in their financial situation has also been exceptionally low for months.

Economists predict a further decline in house prices in the coming months. the Dutch bank predicts a 6% drop in house prices in 2 years.

Data from Statistics Netherlands shows that house prices were even higher in November than they were a year ago. In November, a house changed hands for an average of over 423,000 euros. That’s just under 5 percent higher than it was a year ago.

House prices in the Netherlands have increased by 97% in 10 years.