Unless it turns out to be a false dawn, the housing markets in the UK and the US may be seeing the light at the end of the tunnel. Can the same be said for Spain?

Spanish savings banks have begun selling off the large property portfolios they acquired as collateral from loan defaults, in an effort to improve solvency ratios, a move that risks further falls in property values that could impair the value of their asset books.

Any hint that Spain’s horror stories would fade into the past were ruined last week, when three British expats in Almeria were served with demolition orders for their homes. In total, eight homes in the town of Albox may be facing the wrecking ball, according to media reports.

Generally speaking, Spanish property prices have fallen by less than you would expect given Spain’s economic crisis, high unemployment, and monumental housing glut (especially holiday homes on the coast).