House prices were not the only market metric to fall 20pc in Q3; housing starts also fell that amount over 3 months to the end of September, according to the Government (Fomento).

There were 13,377 housing starts in Q3, 25pc less than the previous quarter, and 42,490 construction completions, 48.9pc less than last year, and 35.5pc less than the previous quarter.

Over 12 months there were 69,194 housing starts, 31pc less than the previous 12-month period, and 246,331 construction completions, 34pc less.