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House prices down 35% according to Economy Minister

House prices in Spain have fallen 35% according to the Economy Minister, Luis de Guindos, based upon figures since the crisis started.

The main criticism, claims De Guindos, is that the banks only lend to buyers of their own re-possessed properties in preference to those seeking properties from other sources such as general estate agents and developers.

De Guindos has introduced new reforms forcing the banks to make bigger write-downs to bring price down further. These reforms appear to be having an immediate effect as would be buyers are now offering on average 30% less on asking prices.

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