In the first 5 months of the year, the housing market was as subdued as the same period in 2009, until now the worst year on record.

Excluding social housing there were 26,682 homes sales in May, 21pc less than the same month last year, according to the latest stats from the Government (NIE).

As illustrated by the chart above showing monthly transactions, home sales in the last 3 months have been the lowest since the crisis began. Year to date (end May), sales are down 8pc on last year and are almost the same (+2pc) as 2009 – the year that market the depths of the crisis….until now.

Compared to 2007, sales in May were 62pc down and 54pc down year-to-date.

Factor in price falls and the market has shrunk more than 70pc by value since 2007.

With Spanish unemployment refusing to budge from a calamitous 20pc, mortgage credit tightening, and expectations of falling house price increasingly entrenched, there’s no reason to expect the overall market to recover this year.

The following table summarises the key transaction data month-by-month for the last 5 years.