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The has increased for three months in a row, as bring forward their purchases to take advantage of tax breaks that disappear at the end of the year.

There were 22,489 house sales in October (excluding ), 14pc up on the same time last year but 1pc down compared to the previous month.

So yet more evidence that the Spanish property market has found a floor, and even staged the most feeble of recoveries, as illustrated by the chart above (2012 in red).

On an annualised basis the Spanish property market has now grown for three months in a row, having fallen continuously since March 2010 before that.

The bad is that the recent increase in sales will probably be short-lived. Most analyst attribute the increase to the end of tax breaks for buyers at the start of next year, when mortgage tax relief goes, and on new homes goes up from 4pc to 10pc. This is bringing forward sales and will probably lead to a new slump in sales at the start of next year.

The forecasts that the year will end with 325,000 home sales, down 7pc on last year.

The following table summarises all the key transaction data for the last six years (click to enlarge).

Source

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