The rate at which new homes are finished is starting to fall, relieving one source of pressure on the Spanish property market. There were 261,849 construction completions in the first seven months of the year, 34% less than the same period last year, according to figures from the Ministry of Development.

On a monthly basis, however, completions rose 7% from 39,804 in June to 42,644 in July. That said the trend is definitely downwards, and will become very pronounced next year. The 13 biggest developers in Spain started just 60 new private homes between them in the first 6 months of this year.

99% of the homes completed in the first 7 months of this year were private housing, making a mockery of the government’s pious promises to build more social housing. Indeed, social housing completions fell 20% year on year to just 3,612 homes built.

The Ministry of Housing’s figures also show that Spain finished building 615,072 homes last year, down 4% on the year before, but still close to all time highs.

Spain is still on course to finish building around 400,000 new homes this year, many of which will join the other new homes languishing on the market in search of a buyer.