House prices continue to show signs of cooling off as inflation and interest rates bite, but the average home was still 14.5% more expensive than a year ago in July, latest figures show.

The annual increase is down from 16.6% in June and 21% at the peak in January, with prices now around 4% higher than at the start of the year, according to the statistics agency CBS.

The agency also said homes have doubled in value since June 2013, which marked the end of a five-year slump that brought prices down by 20% from their previous peak.

Mirjam Bani, analyst for ING bank, told BNR radio that higher interest rates were having an impact on how much buyers could afford to pay, along with the rising cost of energy and food, which has depressed consumer confidence.

‘The big uncertainties at the moment are also playing a role, such as the war in Ukraine. That can mean people prefer to put off big purchases like a new house.’

The number of property transactions also fell by 13.8% year-on-year, continuing a downward trend that began in May 2021. In the first seven months of 2022 107,722 homes changed ownership, 22.2% fewer than in the same period last year.