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House sales shoot up 19% in October

Friday 16 November 2012

A race to beat the January 1 changes to mortgage tax relief helped boost house sales 19% in October compared with the previous month.

In total, 8,507 properties changed hands last month compared with 7,143 in September. However, sales are still down 10% on a year ago, the land registry office Kadaster said.

The average price paid in October was €214,500, down €23,000 on a year ago.

From January 1, people buying a house will only be able to deduct the interest on repayment mortgages from tax. Other popular types of mortgage will no longer qualify.

The new government is also planning to reduce the amount of tax relief from 2014.

Are you rushing to beat the deadline? Have your say using the comment box below.

© DutchNews.nl


Readers' Comments

Rushing in to any business is pretty stupid. I helped finance 4 small businesses that failed. It took me less than a year to recover, because it was not money that I needed.

If you rush to buy a property thinking you're going to get a bargain just because of a tax law changing soon, think again, you could be stuck for years to come.

It's all well & good reading predictions for 2017, but don't count on anything or anyone except yourself. The housing market & construction is on a par with the euro now & no solutions yet, wait till the fruit is ripe before you pick..:)

By The visitor | 16 November 2012 5:11 PM

A sure sign of a bubble. People are rushing in so that they can borrow as much as they possibly can. Unreal.

By Kevin | 16 November 2012 5:59 PM

This is really foolish, and also a warning sign for what's coming.

By Z | 19 November 2012 4:10 AM

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