“Spanish house prices are to fall a further 13pc by the end of next year as the authorities flood the market with a backlog of repossessed properties, Standard and Poor’s has warned. French declines are ‘gaining momentum’, with prices likely to fall 5pc this year and a further 5pc in 2014. French property faces a ‘protracted correction’ as the economy buckles, hit by fiscal tightening, higher taxes and a surge in unemployment to post-war highs. S&P said the deep crisis in the Netherlands would grind on despite the government’s partial retreat from austerity and its decision to delay €4.3bn in spending cuts.”
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