House prices were up 10.6% in July when compared with the same period last year, and that is the highest increase in almost two years, national statistics agency CBS said on Thursday.

Month on month the increase was 1.4%. The figures are based on completed transactions that have been recorded by the land registry office, and lag those compiled by estate agents organisation NVM which are based on deals done by its agents. 

House prices peaked in the Netherlands in July 2022 and then fell for 12 months, before rising again last June, the CBS said.

The price of a home now averages 4.6% up on in July 2022 and the average price paid in July was €457,320.

More homes also changed hands in July, with a total of 18,610 transactions – a rise of some 25% on the year earlier period.

Rabobank economist Nic Vrieselaar told news website Nu.nl that wage rises have helped push up prices. “This enables people to borrow more and so offer more for a house,” he said. “If you really want a house and there is a lot of competition, then you will put in more money.”