Private vendors advertising their homes at the Spanish property portal Idealista.com dropped their asking prices by 10.6pc in July compared to a year before, the biggest fall since the crisis began.
The chart above illustrates how vendor price expectations have now fallen into negative double-digit territory as the Spanish housing crash continues into it’s forth year, with vendors under more pressure than ever from banks, the Government, and weak demand.
There is one thing to bear in mind, however. Asking prices in Spain tend to be much more inflated than in countries like the UK, where for various reasons asking prices are much closer to sales prices. Silly as it may be, too many vendors in Spain think they will get a better price if they price themselves out of the market.