I reported from Amsterdam in April that the Dutch property market is tipping into deeper slump, with the inventory of unsold homes nearing Spanish levels. The Netherlands has great fundamental strengths but:

Household debt is the eurozone's highest at 249pc of income, compared with 202pc in Ireland, 149pc in the UK, 124pc in Spain, 90pc in Germany, 78pc in France and 66pc in Italy -- according to Eurostat data from 2010.

The country is caught in a "negative feedback-loop" as recession and house price falls feed on each other. Building permits have dropped 9pc from a year ago, the lowest since 1953.

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