House prices in Amsterdam appear to be stabilising although there are fewer homes than ever for sale, according to new figures from real estate agents association NVM.

House prices in the capital slipped slightly in the first quarter of this year, taking the average price down to €359,000, compared with €360,000 in the previous quarter.

Nevertheless, prices are still up some 20% on a year ago, the NVM said.

One reason for the slight drop in price may be changes to the rules for mortgages introduced at the beginning of this year. Since January, home buyers have only been able to borrow 101% of the value of their new home, down from 102%. This means they need more savings to cover basic costs.

The shortage of homes for sale in Amsterdam is also having an impact, Sven Heinen of the city real estate agent body MVA said.

‘The fewer properties there are for sale, the more unpredictable the market becomes,’ he said. ‘There are also more uncertainties in general. Will we get a new housing minister [in the new government], will the mortgage rules be made even tougher?’

In total, 1,939 homes were sold in Amsterdam in the first quarter, down 30% on the last three months of 2016