House prices go higher still in Belgium

Home prices rose again during the second quarter of 2012 after the first drop in prices in many years during the first quarter.

The figures are compiled by the Federation of Notaries when a sales agreement is signed.

The price of the average home rose 2.7% during the second quarter of 2012. The average house now costs 228,525 euros compared with 222,434 euros during the first quarter when prices fell by 2.3% on average.

Bart Van Opstal of the Federation of Notaries: "It was a sizeable fall during the first quarter. Everybody awaited the second quarter figures with bated breath."

The fall during the first quarter is seen as a correction by the market itself. Now bargain hunters have again entered the market edging up prices.

Flanders recorded a strong rise in house prices: 3.1% taking the average house price to 246,711 euros. In Wallonia the rise was 2.6 % taking the price of the average house to 171,179 euros. Brussels recorded the biggest increase, 7.9% with the average house now going for 422,248 euros.

Price rises for flats were more modest. Only 0.2% on average. In Flanders the negative trend continued with the price of apartments going down 2.7% on average (average price of a flat: 199,307 euros). In Wallonia there was a 5.3% rise and in Brussels an increase of 9.2% (average price of a flat: 224,912 euros).