The surplus value tied up in Dutch homes has reached an average of €220,000 per property according to housing market research group Calcasa.

That is a sharp rise on the €175,000 in excess equity two years ago, and reflects the upturn in house prices across the country, Calcasa said. Surplus value represents the value of of a house over the remaining mortgage and is only realised when the property is sold.

The true surplus value, however, is likely to be higher. The agency based its calculations on 100% mortgages, and excluded properties last sold before 1993.

The Wadden Sea islands of Schiermonnikoog, Vlieland and Ameland are among the local authority areas with relatively more excess value. In real terms, Bloemendaal tops the list with €495,000, followed by Laren, Blaricum, Heemstede and Wassenaar.

Amsterdam homes have an average surplus value of €281,000.

Calcasa puts the average price of a home in the Netherlands now at €490,000.