The latest house price index from the Spanish property portal Idealista, based on resale asking prices, was down 3.6% in the year to April.

On a monthly basis prices were down 0.8% to an average of €1,539sqm, but up in Madrid, Andalusia and the Valencian Community, and down in the Canaries, Catalonia, and Murcia.

Meanwhile, thousands of homeowners in Spain with ‘clausula suelo’ mortgages could share a €6bn pay-out after a landmark court case ruled that the fixed minimum mortgage rates were null and void.

A Madrid judge ruled in favour of 15,000 mortgage holders who hold the controversial mortgages, which block rates from falling below a certain price, with up to 4m people possibly affected.

Those victims are now looking to recoup their money having paid up to several hundred Euros a month extra despite the benchmark Euribor interest rate hitting historic lows.