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The price of used housing gives a short speed boost and climb rate pre-crisis

The climb of the price of the housing you gain strength, especially in the second hand market. According to data published yesterday by the National Statistics Institute (INE), between July and September, buy a home, costs 7.2% more than in the same period of the previous year. In the case of the properties used , the rush is even greater –7.3 percent– the largest increase since before the outbreak of the economic crisis , in 2007.

The value of homes –new and used– has not stopped growing in the last four years. A rising trend that also happens when only takes into account the evolution of the value of sales recorded in notary offices for property second-hand.

Catalunya and Madrid at the head of the progressive price increase in the real estate market, after the sinking by the recession. In the third quarter of this year, the price of housing in Catalonia increased by 9.1% in comparison to twelve months before (the rise was 9.2% among the homes being sold second hand). With regard to Madrid, the rise in year-on-year was 11.8% among the used property (10,9%, in total). Since the beginning of last year, the real estate prices in Madrid are growing at two digits. The rise in the last few months of the park of homes for sale in both territories, it adds up to the pressure that is also experiencing rent, both in Barcelona and Madrid as well as in their respective metropolitan areas. A situation that complicates in general the access to housing and puts in check, to important social groups, especially the young people and workers with low wages, decisions such as the emancipation, to form a couple or have a child .

The biggest increase is in Madrid (11,8%) and Catalonia (9.2 per cent)

The statistics of the INE, based on the 95% of the sales transactions recorded in a quarter, highlights in addition to the increase experienced in the Balearic islands (the interannual rate reached 7%). In addition, with respect to the previous quarter, has advanced to 3.7 percentage points, with a rise more marked than Madrid (3,3%), Murcia (2.5 per Cent), Asturias (2,4%), Catalonia (2,3%), as well as the state average, located at 2.2%.

with regard to the new housing –with a weight small enough on the set of sales that are made–, the rise of the third trimester was in the same line, although it was somewhat smoother. In this way, the prices of real estate for brand new went up by 6.1%, in comparison with the same period of 2017.

Failure by envision to what extent it will continue to encareciéndose the housing and how long it will sustain the upward trend. A few weeks ago, the society of appraisal Tinsa estimated to 2019 “sustained growth” of the average value of the dwellings of between 5% and 7%. In any case, puntualizaban that, “outside of the major metropolitan areas and of coastal areas and island, prices remain stable at minimum levels, showing perhaps timid variations positive. Even within municipalities, the difference between districts or neighborhoods is often substantial.”

The housing price index designed by the INE collects a mean rise of 20 points compared to the reference level of the 2015. For Madrid, the increase since then is 36.6% and in Catalonia, 30%. In contrast, it is minimum in communities such as Extremadura (4.7 per Cent), Castilla-La Mancha (4.9 per Cent), Asturias (7.7 per cent), or Murcia (7.8 per cent).

eleven years Ago, in the third quarter of 2007, the price of second-hand housing still grew 7.5%. However, already came the first indications of the loss of strength that would end with the bursting of the housing bubble. At the beginning of 2007, the rate of year-on-year pick-up by the INE was a thriving 13% and shifted to negative territory in just one year –the cost of the used fell in the first quarter of 2008 and the index set barely three months after–. The housing prices used are not returned to be positive until 2014.

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