Spanish property prices plunge again

Spanish property could be offering more bargains for UK buyers after new figures revealed a further fall in prices.

Data from the Spanish housing ministry showed that the annual rate of decline was more than 8.3 per cent in the second quarter of 2009, up from the 6.8 per cent annual drop in the first three months of the year.

Such a situation may mean there are more opportunities for buyers to pick up bargains in the country, which could suggest that now is a good time to buy in Spain.

Another positive aspect to the situation could be the improvement in the value of the pound against the euro, making property cheaper to buy in many countries.

Sterling rose against the euro yesterday after comments by the newest member of the Bank of England's Monetary Policy Committee Adam Posen said the pound would trade higher in the medium term against the 16-nation currency, Reuters reported.

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