The Dutch housing market is at its lowest point since the start of the financial crisis in 2008, the Dutch Association of Real Estate Brokers said on Thursday.

In the the first quarter of 2012, house sales decreased 15.6 per cent compared to the last quarter of 2011. House prices also decreased 2.8 per cent.

The association said the downward trends are due to low consumer confidence, economic stagnation and government budget cuts. Potential first-time buyers are also finding it difficult to obtain a mortgage.

"The trust of Dutch consumers in the housing market has never been this low, even compared to other countries within Europe," its chairman Ger Hukker told local media.