House prices fell slightly between November and December last year, bringing the total increase for 2024 to 8.7%, according to the national statistics agency CBS.

The figures are based on completed deals reported to the land registry office and lag behind data from the estate agents’ organisation NVM. The NVM reported earlier that house prices rose by a “fairly moderate” 2.5% in the final quarter of the year.

This decline marks the end of an upward trend that began in July 2023, the CBS noted. House prices are now 7.6% higher than their previous peak in July 2022.

The number of transactions also increased last year, rising by 12% compared to 2023. However, the December growth was more modest at 7%. In total, over 203,000 properties changed hands in 2024, CBS said.

CBS chief Peter Hein van Mulligen told the Financieele Dagblad it is too early to speak of a shift, pointing out that there is often a slight “kink” in December, followed by a rise in January.

“We need to wait and see what happens in January and February,” he said. “But it is worth noting the annual rise in December is lower than the previous four months.”

The highest annual price rise was recorded in Utrecht, at 15.2%. In Amsterdam prices were up 8.7% – in line with the national average. In The Hague the increase was 7.2% and in Rotterdam 6.5%.

The increase in the number of transactions in the four big cities was highest in Rotterdam, at 26% but was up on the national average in all four cities.