Estate agents, buying agents, economists and investors agree: the collapse in the share prices of some Spanish developers does not herald a house market crash.
Roger Bootle, the managing director of consultancy Capital Economics, considered the Spanish property market to be relatively stable.
'The collapse in the share prices of some of Spain's housing-related stocks reignited fears that the housing market is about to implode,' Mr Bootle said. 'But fears of a 'hard landing' are probably overdone.
'The Spanish housing market has already been slowing in an orderly fashion for some time now. And anecdotal evidence suggests that Spanish mortgage lenders have been more cautious than their US counterparts.'
Stuart Law, the managing director of property investment company Assetz, said: 'Spanish property company shares were clearly overpriced and investors are bailing out after finally recognising that prices cannot keep growing.
'This could be good news for the property market as a whole, as it will reduce the vast gearing of listed property companies, reduce the high levels of housebuilding which has led to some oversupply in the market, and also decrease levels of illegal housebuilding in Spain, which is very distressing for buyers when they discover their purchase is not secure.'