Banks under pressure to reduce prices on unsold properties in Spain

The Spanish property market has been recoverying slowly over the last year, prices have stabilised and in some areas are showing increases. However recent reports suggest that the country still faces a large backlog of unsold property, banks still own homes from struggling developers and repossessions.

In an effort to reduce bank’s real estate exposure the Bank of Spain has  reportedly from the beginning of this month (October) put lenders under pressure to reduce the number of properties they presently own, banks therefore may be forced this Autumn to slash the prices of these unsold or repossessed homes.

British buyers are historically the largest group of foreign buyers, whether this will continue is to be seen, the biggest impact on the numbers of British buyers so far this year has been Brexit and the weakening of the pound, the strength of buying and that of the pound go hand in hand.

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Living within 20 minutes of your local town centre could add £30,000 to your home’s value

The latest research from geo-location property platform, The Property DriveBuy, has found that homes within a 20-minute walk of their nearest town centre command a significant price premium, adding as much as £30,000 to property values. The Property DriveBuy analysed more than 24,000 homes currently listed for sale across England, comparing average asking prices for…
Read More
Breaking News

Most expensive homes sold so far this year

Most expensive homes sold so far this year revealed – where does your region rank? The latest research from global HNW finance brokerage, Enness Global, has found that whilst the wider UK property market may be treading water at present, high-end properties are continuing to change hands for eye-watering sums, with the top five most…
Read More
How to help out hoarders
Estate Agent Talk

Homeowner horrors that could wipe £54,000 off your property’s value

With Halloween on the horizon, nationwide cash buying company and quick sale specialists, Springbok Properties, has revealed the housing horror stories that could give sellers the biggest fright, with subsidence topping the list, knocking more than £53,000 off the value of the average UK home. Springbok Properties analysed 10 of the most common homebuyer turn-offs,…
Read More
Estate Agent Talk

£5m paid in SDLT on nation’s most expensive property

The latest research from global HNW finance brokerage, Enness Global, has found that whilst the wider UK property market may be treading water at present, high-end properties are continuing to change hands for eye-watering sums, with the most expensive homes sold across the nation going for as much as £41m – a purchase that comes with…
Read More
for sale sign london
Breaking News

New-build demand dips in Q3 as homebuyers sit tight ahead of autumn statement

The latest market analysis from Property Inspect has found that fewer than one in five new homes are currently securing a buyer, with homebuyer demand for new-build properties falling on both a quarterly and annual basis. Property Inspect analysed current market listings looking at what proportion of new-build properties are already marked as sold subject…
Read More
Breaking News

Rightmove celebrates 25 years of viral property moments

As Rightmove marks its 25th birthday, we’re celebrating the properties that stopped people mid-scroll, sparked thousands of shares, and became internet sensations. From a house with its own Tardis to a shark crashing through a roof, these homes prove that the UK property market is anything but ordinary. With billions of minutes spent on Rightmove…
Read More