People trying to offload investment property in Spain may be in for a long wait for potential buyers, it has been reported.

Coupled with the poor exchange rate and the lack of mortgage availability, buyers for homes abroad are few and far between, according to the Guardian.

Briton Richard Netherside invested in a villa outside Barcelona which was worth €945,000 (£752,000) in August 2007 – when property prices were at their peak.

He has now slashed the value of his investment to €749,000 and despite registering with ten local estate agents only two had turned up to value the property

"With the UK market falling away and the local buyers unable to get loans, we accept we are probably in for an extended wait yet," he told the Guardian.

Meanwhile, the Council of Mortgage Lenders announced that lending in September fell to £17.7 billion – the lowest level in more than three years.

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