More signs of a double-dip in the Spanish housing market.

Average Spanish house prices fell 4.1pc over 12 months to the end of Q1, according to the latest house price index published by Spain’s National Institute of Statistics (INE).

That represents a turn for the worse after prices clawed their way back towards stability in the second half of last year.

New build prices fell 1.9pc, whilst resales were down 6.3pc, the worst result since Q3 2009.

This ties in with other data such as falling transactions to paint a picture of a housing market still far from out of the woods.

Not all market segments are suffering equally. Prime segments in upmarket destinations like the Costa Brava and the Balearics are doing better.

The following graph shows price declines by region (Q4 in orange, Q1 in red).