Manchester property investors could be set to receive refund from Spanish banks

Manchester property developers could be on the receiving end of a refund from Spanish banks after it was announced that, following Spain’s property market crash in 2008, a recent Supreme Court ruling stated that banks should have protected investors and their deposits in the event of such a property crash.

Thousands of investors lost large amounts of money when they secured dream apartments being built by investors off-plan. However when many developers went bust and were wiped out, their money disappeared with them. With the revelation that banks may be set to repay billions of pounds, eMoov.co.uk, one of the UK’s leading hybrid estate agents, has urged those involved in the investments to keep on top of developments in order to make sure they don’t miss out.

Founder and CEO of eMoov.co.uk, Russell Quirk said, “The Spanish property market was extremely healthy ten years ago, with many investors – particularly British investors – taking advantage of exciting new developments. However when it all came to a standstill, it took many people by surprise, and as a consequence, hit investors hard – in their pockets. With such large amounts of money involved, it’s going to take a while before it’s settled, so it’s important that those affected seek expert advice to ensure they receive what they are entitled to.”

According to Spanish Legal Reclaims, up to 100,000 UK investors could be entitled to a rebate. If this goes ahead, an estimated average of £20,000 will be given back to each investor. Totalling a potential £15bn, the consequences of the Spanish property crash could prove to be extremely costly for Spanish banks.

Russell adds, “The news, although concerning for Spanish banks, is extremely welcome for those who lost out. For over eight years now people have suffered from the consequences of the crash, with some losing their life savings and inheritance. Affecting people of all ages and backgrounds, this news is certain to bring a bit of comfort and will hopefully signal the beginning of the end of an extremely stressful period for people.”

Saving homeowners an average of £4,462, eMoov is a fixed fee estate agent. Offering a full estate agency service including photos and floor plans, viewings and offer negotiation, it prides itself on providing customers with excellent value for money. To find out more visit www.emoov.co.uk

CONTACT

Contact the eMoov media team on press@emoov.co.uk for exclusive interviews and property insight

NOTES TO EDITOR

• eMoov is the UK’s most successful and recognised Hybrid Estate Agent offering to sell properties for fees of just £679

• eMoov has sold over 5,000 properties since it launched

• eMoov are backed by VC firm Episode 1

• Russell Quirk is the founder of eMoov and widely recognised by the media for his expertise within the property market

• Russell is a third generation estate agent and after running the family business of 5 independent estate agents he sold them to start eMoov in 2010

• In 2014 and 2015 eMoov won the allagents.co.uk Best Customer Service Award, testament to their approach of being the digital disruptor offering fantastic value and outstanding customer service

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