There are tentative signs that the rise in house prices may be slowing down, with the average sales price falling 2.1% in the first quarter of this year, compared with the final three months of 2021, according to real estate agents association NVM.

There were also slightly more homes on the market – 17,000 at the end of March, which is up 10% on the end of last year, the NVM said.

Year on year, house prices were up 13.7% in the the first quarter, compared with over 20% over most of 2021.

Nevertheless, NVM-affiliated estate agents have only sold 29,000 homes so far this year, which is down almost 20% on a year ago, and this means the housing market is still under considerable pressure.

‘The housing market is still tight and available property is sold quickly, but there would appear to be a gentle breeze blowing over the overheated market,’ NVM chairman Onno Hoes said. ‘We are no longer seeing the extreme price rises of the previous quarters, but nevertheless, a rise of 14% is still considerable.’

The average price paid for a detached home so far this year is €428,000 while an apartment will cost an average of €362,000.

Almost four in five properties were sold for above the asking price.