What you do have to remember about life is that it turns around in circles, so the cheap house price's of today have more then a better chance of once again becoming the expensive house price's of tomorrow. Spain or the UK.
One of my house's which i owned for about ten years dropped dramatically in price, and rose back in price twice in that time. It's life, it happens. Another one did the same believe it or not within four years.
As said, if you want to Come to Spain to live and own your own home perhaps / maybe rent until you find the right area, right house, right price, then buy, nothing ever beats owning bricks and mortar anywhere, we all know council tenants (UK) that have been in the same house for over 40 / 50 years paying rent, and still paying rent now.
Yes i do know you cant compare the UK to Spain at the moment but pretty much the same principals still apply. And yes it is hard in Spain now, if it's reached the bottom now...what happens next?
Forget all the stupid new laws for this that and the other, this is happening just the same in the UK right now.