Just 16,500 homes were for sale in the Netherlands in the third quarter of this year, a 44% drop on a year ago, according to new figures from real estate agents association NVM.

The shortage of homes on the market is leading people who had considered selling to decide against it, NVM chairman Onno Hoes said. ‘This is halting movement within the owner occupier market and between rental and ownership,’ he said.

The lack of properties is also continuing to force up prices, taking the average paid for an existing home to €419,000, a rise of 19% year on year. The average price of a new home was €455,000, or up 14%.

In total, 32,000 homes changed hands in July, August and September, the lowest number since 2015. In four out of five cases, buyers are paying more than the asking price, the NVM said.