Spain's bad news could spell good news for UK buyers

This evening Standard & Poor has dropped Spain's credit rating once again. The wekaness of the Greek economy has been blamed for the reduction of Spain's rating from AA+ to AA. This is the second drop this year.

In spite of dropping the rating, S&P have said that they still regard Spain as stronger than neighbouring Portugal. Fitch has maintained their rating of Spain at AAA.

The impact of this news was a body blow to the Spanish stock exchange which fell 2.99% today.

However, this bad news will put pressure on the Spanish banks to release some of the distressed property stock they have been "hiding" in their books. This stock will, in turn, drive prices of other stock downwards and could set Spain up for a veritable feeding frenzy from foreign buyers.

So if you are in the market for property in Spain perhaps now is the time to browse for inspiration in http://www.amazingpropertyinspain.com/ or our newly launched http://www.amazingpropertyinmarbella.com/

Enjoy the journey!