“I think with all my heart that there are some fantastic buys on the Costa right now, “
The definition of a bargain is all dependant on the availability of credit. When credit is freely available and buyers can MEW against their inflated northern European property then buying a second home in Spain is easy. When the world is up to its neck in debt on a scale never seen before in modern history and with the millstone of negative equity, tax increases and job losses raising even a small sum takes a lot of hard work.. and time. Buying a second home without any equity withdrawal from a UK house while paying for UK mortgage is almost impossible. The UK housing market is going to be in the doldrums for many years and it will affect Spain for even longer. A large amount of securitised lending has to be slowly paid down before there will be any sort of recovery and boom; which means at least five, maybe ten years of stagnation.
Doesn’t matter if it seems like a ‘bargain’, without credit or a profit from a exiting property its unaffordable.