The highest increase is in North Holland and South Holland. In North Holland, the average value grew by more than 10% to € 318.000 per home, the highest average value of all provinces. In South Holland, the average value increased by almost 11% to € 237.000 per house. The average value in the province of Groningen is the lowest at €166.000.
The WOZ value supports the development of purchase prices of existing owner-occupied homes with a delay of approximately one year. The cause of delay is the appraisal method: properties are appraised on January 1st against the value of January 1st of the previous year. House prices have been rising since 2014, while the WOZ value shows an increase only from 2015.
We expect to see a similar pattern for growth in the housing market in 2020 — albeit not as much as in previous years.
In addition to the effect of appraisals from a year earlier, the development of the WOZ value includes all homes, including rental houses and unsold owner-occupied dwellings. Moreover, the availability of dwellings is changing due to new construction and demolition, which generally has an increasing effect on the development of the WOZ value.
The outcome of homes increasing in value is that property taxes rise as well. Another outcome is that you could refinance or renegotiate with your bank about the mortgage rate. Contact us to learn more about the options and how we can assist you in paying less on your current mortgage.