Completed deals show house prices fell for the first time in nine years

House prices in the first quarter of this year fell most sharply in the province of Utrecht, according to an analysis of regional differences by national statistics agency CBS and the land registry office Kadaster.

House prices for existing properties fell in seven of the 12 Dutch provinces but continued to rise marginally in the remaining five. Year on year, the price of an existing property was down 0.7%, the first decline in nine years, the CBS and Kadaster said.

The figures reflect completed transactions and lag behind statistics published by estate agents organisation NVM which said earlier this month that house prices were down 8.2% compared with the same quarter in 2022.

The NVM figures cover transactions by member estate agents and reflect agreed, but not finalised sales. They are seen as an indication of how the CBS figures will move in several months time.

Quarter on quarter, house prices were down 1.6%, the CBS said, and fell in all provinces apart from Zeeland.

Three of the four big cities were hit hard, with house prices down 7.4% in Utrecht and 5.7% in Amsterdam. In The Hague, prices fell 2.5% but in Rotterdam were virtually unchanged.

The CBS and Kadaster also said that in March house prices were down 2.3% compared with March 2022.