The Tinsa house price index shows house prices continuing their steady decline.

House prices in Spain were 5pc lower in January than the same time last year, according to the Tinsa index – one of the most watched in Spain.

Average national prices are now down 19.6pc since the peak.

As illustrated in the table above, coastal areas where foreigners tend to buy have done significantly worse than the national average, with prices down 8.4pc in 12 months, or 27.2pc since the peak.

The Balearics and The Canaries, on the other hand, did better than average, with prices down just 3.4pc over 12 months and 17.5pc since the peak.

Full report from Tinsa