House prices have crashed 23.54pc in a year, according to data from the valuations company Gesvalt.

Average Spanish house prices (excluding social housing) fell to 1,326 €/m2 at the end of June, down 23.54pc from 1,734 €/m2 the same time last year, according to the latest house price index calculated by Gesvalt, an appraisal company.

Compared to Q1 of 2006, the base year of the Gesvalt index, Spanish house prices are down 37.55pc. Peak to present the decline will be even larger, as house prices didn’t peak until the end of 2007.

House prices fell the most over 12 months to the end of June in the autonomous region of Aragon, down 31.92pc, but rose in three autonomous regions over the same period: Asturias (+8.26pc), La Rioja (+3.8pc) and Cantabria (+1.98pc), all in the north of Spain.

12-month price declines in other selected regions were as follows:

Catalonia -15.61pc
Balearics -14.33pc
Valencian Community -10.79pc
Madrid -9.64pc
Andalusia -7.98pc
Murcia -6.28pc
Canaries -4.91pc

I don’t doubt that Spanish house prices declined by double digits over 12 months to the end of June, but I find it hard to believe that they collapsed in Aragon whilst rising in La Rioja, right next door. That makes me a bit wary of these figures.