THE number of home loans granted in Spain has fallen to a record low as the country’s property market continues to struggle.

In August just 21,106 loans were given the green light, a figure 28.5% lower than last August according to the National Statistics Institute.

The average value of the mortgages granted (€103,592), also fell by 3.3% from the same time last year.

It follows the recent announcement that house prices have fallen 25% since 2008.

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