The drop in house sales has virtually reached a standstill and the end of the housing market dip is in sight, Rabobank economists say in their latest quarterly statement.
In addition, the fall in house prices is trailing off which is an additional sign the market may stabilise in 2014, the report said.
‘The affordability of homes in the long term and the stabilisation of the number of sales would indicate the bottom of the market is in sight,’ the statement said.
Nevertheless, the economic situation and rising unemployment are an obstacle to recovery, the bank’s economists said.
The average house sale price in the Netherlands has fallen some 20% since the beginning of the economic crisis. Tens of thousands of home owners are now in negative equity, meaning they paid more for their home than it is worth.
Rabobank is market leader in the Dutch mortgage market.
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