Spanish mortgage market to change
News Article Date: Wednesday 17th of June 2009
Spain's mortgage market is set for a period of reflection, according to the director of trading at Currencies Direct.
The payment technology solutions firm's Mark O'Sullivan said that the home loan market in the Mediterranean country is being "squeezed" - much like what is happening in the UK.
His comments come following the Knight Frank Global House Price Index for the first quarter of this year, which showed that property prices in Spain fell by three per cent compared to the previous three-month period and by 6.8 per cent year-on-year.
"What you are going to see in Spain is a lot of consolidation among the smaller banks that used to lend a lot to the expat community," Mr O'Sullivan explained.
Those who have the cash to buy bricks and mortar in Spain may not be as hindered as people who are looking for mortgage finance.
Anyone that does end up leaving Britain for the sunnier climate of the Mediterranean could benefit from safe storage facilities - to keep their non-essential belongings all under one roof.
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