The price of Spanish property in coastal areas where holiday-homes are concentrated fell 7.1pc over 12 months to the end of August, according to the monthly house-price index published by Tinsa – one of Spain’s leading appraisal companies.

The index shows that, nationwide, average prices fell 6.8pc in a year, a fraction more than the 6.4pc fall over 12 months to the end of July.

The news from the coast was slightly better this month, as the 4-month trend of increasingly large price declines took a breather, with prices down only 7.1pc, compared to 9.5pc a month earlier.

Once again, The Balearics and The Canaries – popular destinations with holiday-home and expat buyers – did best, at least from the vendor’s perspective. Prices in August were only 4.9pc lower than a year before.

The index is based on Tinsa’s own valuations, not transaction prices, and is subject to bias, so take it with a pinch of salt.