One in 20 homes in the Netherlands is now up for sale, as the housing market crisis continues to bite, the real estate agents association NVM said on Thursday.

In total, 207,00 houses are on the market – the first time the 200,000 barrier has been broken.
In the second quarter of this year, 30,300 houses changed hands, 8% down on the second quarter of 2010. Prices were down an average 2.2%.
However, real estate agents are optimistic about the prospects for the coming quarter, following the government’s decision to reduce property transfer tax from 6% to 2%. The NVM expects sales to rise by some 10%.
The tax cut means home owners are saving thousands of euros on the cost of buying a house.