Spanish sellers 'prepared to accept lower offers'

Individuals interested in buying property in Spain are sure to welcome news that sellers are now accepting lower offers, A Place in the Sun reports.

This is according to real estate firm Idealista, which noted that buyers can see as much as 20 per cent shaved off the asking price for a home in the country.

It has been reported that there are well over a million unsold properties in Spain at the moment, a figure which equates to approximately 20 per cent of Spain's total housing stock.

As a result, the company revealed that property owners in the country looking to offload their homes are ready to accept offers significantly below the asking price.

This is despite the fact that there has already been a major correction in the market which has seen property values tumble by as much as 30 per cent since their market peak.

Indeed, the Department for Housing recently said that the average price for a house in Spain has fallen by 3.5 per cent over the course of the past 12 months.

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