Is 'now' the time to buy in Spain… is the wait finally over?

Only if your money is wasting away in a financial institution and can afford to retain a home in UK. Otherwise wouldn't advise it. Regardless of what people say market is saturated with empty 2nd homes that folk have been trying to sell for years. Be they in purpose built communities or individual builds in towns and villages. 

Even though one day I will probably want to sell my ( totally legal) house now isn't the right time

But all that may be a reason not to sell right now however it's a buyers dream, a saturated market at the bottom with a blistering exchange rate(if from the UK). Right now is a great time to buy in Spain and now more than ever is the right time to buy.

It is far from being a buyers dream. If you do some very simple research you will discover the market in Spain has changed. Firstly the banks will not lend to anyone without enormous fees up front. One guy I know was charged €14k on a 80% mortgage. Secondly the Spanish government want a slice from you totalling around 12-13% of the purchase price. The Hacidenda will also value whatever you buy at pre-crisis values so huge tax bills await.

The standing charges for utilities for a very modest property have increased and are on an annual basis substantial. If you buy a property in a complex with lots of facilitites the community charges will be very high. Golf complexes are notoriously expensive.

Unless you are a cash buyer and have the time to do a great deal of research in various regions you will get caught. Vendors who have sat out the crisis will be rushing for the exits to off load and flood the market with well presented and tarted up crap. 

Caveat emptor.

I disagree with Windtalker

There are a lot of properties for sale on Camposol, and many have been for sale for years.

Unfortunately those that do sell fast are at a very low price due to:

People desperate to sell following bereavement

People who already have a property in the UK to return to, and don't mind selling at a loss, making it bad for those who only have the one property in Spain, and need to get a decent price so they can buy in the UK

Estate agents encouraging sellers to let it go at a low price, as they will still get a big chunk of the proceeds.

With the exchange rate , the lowered prices in Spain, the increased price of property in the UK, it's a wretched time for would be sellers.

Mickyfinn,

Well that may be some peoples experience but we grabbed a mortgage with zero up front fees and incredibly good terms, whether that is to do with how much of a risk some people are or not I don't know but 3 banks were more than happy to give us a mortgage with  the only caveat was you bank with them and have life insurance. We will be paying half of what we pay on rent now  so all the utilities that we already pay now will be more than covered, and IBI is valued less than the purchase price. The 12-13% tax is well known about and should be taken into consideration when purchasing but it's all relative and doesn't change the fact property is still cheap even with the tax on top.

If you have the means to pay it back then go for a mortgage I say, we can't all be cashed up buyers.

The biggest problems with property in Spain is the legality side of it and that is what you will need to be on top of more than anything.