Banco Espanol de Credito SA (Banesto) - which is controlled by Santander - has announced profits fell sharply during the first quarter of this year.

The domestic financial institution has been hit particularly hard by the rules introduced by the Spanish government earlier in 2012 requiring all banks to increase their provisions against bad real estate loans.

Banesto's net profit dropped 88 per cent year-on-year to stand at €20.2 million (£16.7 million). The organisation revealed it has set aside €475 million to help cover its Spanish property assets,...

The value of properties in Turkey increased in March, as did monthly rental charges.

According to the REIDIN.com Turkey residential property price indices for last month, the cost of purchasing a home in the country increased by an average of 0.95 per cent compared to February, and by 8.66 per cent year-on-year.

Istanbul posted the biggest monthly rise of 1.18 per cent, while Izmir recorded the largest annual hike at 11.61 per cent.

Overall, the cost of renting a home in Turkey climbed by 0.85 per cent between February and March this year and the expense...

Generation aged 18-34 risks being priced out of market unless government helps housebuyers, says head of Countrywide

The chief executive of the UK's largest estate agent has renewed calls on the government to intervene in the housing market to prevent future generations being priced out of owning a home.

Grenville Turner, the head of Countrywide, said the UK could become a country of renters after a survey commissioned by the company found that almost half of 18- to 34-year-olds said difficulty raising a deposit was the biggest...