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Official House Price Index -4.7pc in Q1

After improving all last year, house price declines have started to accelerate again, show the latest figures from the Government (Fomento).

Average house prices fell to 985.5 €/m2, down by 4.7pc compared to 12 months ago. After inflation, real house prices were down 8.3pc.

Prices tumbled in Madrid (-8.9pc) and Malaga, home to the Costa del Sol (-8pc).

Average prices are now down 15.4pc since their peak, -22pc in Malaga, and -21pc in Alicante (Costa Blanca), but up 91pc over 10 years.

Recent interest rate rises are likely to put further downward pressure on prices.

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