House prices fell for the first time in 18 years in the third quarter of 2008, according to figures published on Thursday by the Dutch association of estate agents (NVM). The average price paid was €248,000, 0.3% down on the second quarter.

The number of houses sold also dropped by 13% on the previous period.
The NVM said it now expects to adjust its estimated price rise of 2% over 2008 downwards. House prices continued to rise in the second quarter by 1.9%, resulting in a rise over the first nine months of the year of 1.6%.
NVM chairman Ger Hukker said there was no reason to panic but urged banks not to disturb the market. `It is worrying that banks are threatening to turn down the mortgage tap,´ he told the Telegraaf.
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