House prices have fallen 40pc on average since the property market turned down say Tinsa, an appraisal company.

Spanish house prices fell an annualised 7.2pc in January according to the latest monthly house price index published by Tinsa.

Looking for the positive news Tinsa point out that house prices appear to be falling at a declining rate. This is bourne out by the latest data showing house price declines shrinking from 13.8pc in January 2013, to 9pc in December, and 7.2pc now.

House prices fell the most this January in urban areas, down 8.5pc, followed by provincial capitals and big cities like Barcelon and Madrid, down 8.4pc.

The areas most popular with foreign buyers suffered the smallest price declines, down 6.9pc in the Balearics and Canaries, and 4.8pc on the Mediterranean coast.

Peak-to-present, property prices are down 40pc since boom turned to bust in December 2007: -45.8pc on the Mediterranean coast, -43.3pc in provincial capitals and big cities, -43pc in urban areas, and 33.8pc in the islands.