Torrevieja’s estate agents are taking a beating as Spain’s property market slumps, reports the Spanish press. The number of agents has fallen from 400 to 200 in recent months, according to a newly-formed industry association set up to try and respond to the collapse in demand.

Long popular with British and other Northern European buyers looking for a cheap home in the sun, Torrevieja is more exposed than other places on the Spanish coast to the credit crunch and the falling pound. The less affluent buyers that Torrevieja attracts are struggling to get mortgages, whilst British buyers with funds in Pounds have seen their spending power fall by 20% in the last few months alone, wiping out any gains from falling property prices.

Transactions are reported to be down between 50% and 70%, with sales typically closing 30% below asking prices.