Housing market reaches historic low

estate agent sign
Photo credit: Studio040

Eindhoven’s housing market reached a historic low point in the second quarter of this year. This is according to research by the estate agent Van Santvoort.

Van Santvoort looked at various figures released by NVM, the Netherlands’ largest association of estate agents, to reveal just how serious the situation is. They revealed that house prices in the region increased by 20% in one year, and that 80% of houses sell at a higher cost than the asking price. ‘In the past these kinds of cases were exceptions, but now they’re the norm,’ says estate agent Pieter van Santvoort. ‘Estate agents always try to see the positive side, but it is hard to do that in this housing market.’

The figures also reveal a downward trend in the number of house sales in the region in the second quarter of this year. The number of sales is in fact 16% lower than last year.

House prices are at a historic high, with houses in Eindhoven currently selling for an average of €416,000. Yet the availability of houses is at a historic low. Compared to the same period last year, there are now 55% less properties for sale. Estate agents fear that this downward trend will continue until the market eventually comes to a standstill.

‘There are still many people who want to move house,’ van Santvoort says. ‘Yet because there are so few houses on offer, almost no one dares to put their house up for sale until they have secured a sale on a new house. Everyone is waiting for each other to make the first move, yet that only makes the state of the market worse.’

 

Source: Studio040

Translation: Rachael Vickerman

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