Notaries forecast increase in home sales before the year end30/11/2012
Spanish notaries forecast that there will be a late flurry of home sales as buyers take advantage of tax breaks that will disappear at the end of the year.
Mortgage tax relief will end this year, whilst VAT on new homes will increase from 4pc to 10pc in 2013. For those already planning to buy a home, many will find it much cheaper to do so this year.
The notaries also argue that the imminent introduction of the so-called “bad bank” will stimulate sales this year, as banks use big discounts to dump properties before they are taken over. The “bad bank” is supposed to be up and running by the end of the year.
Annualised homes sales fell 18pc in September, to 22,413, having rising 12pc in August, whilst the average house price fell 14pc in a year, according to the latest data from the notaries association.
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