Spanish house prices were 2.2pc lower at the end of September than the same time last year, according to the official house price index published by the National Institute of Statistics (INE).

New build prices fell 2.6pc, and resales were down 1.8pc over 12 months.

Compared to the end of June, prices were also down 2.2pc, ending a 4-quarter run of steadily declining price falls.

The following table shows annualised price changes for Q2 and Q3 by region. Madrid was the only region to experience rising prices in Q3, up by 0.9pc compared to a year earlier.