15 Aug

Developers 'offering new homes with large reductions'

Developers 'offering new homes with large reductions'

Developers are cutting the price of new build homes by up to 40 per cent to ensure sales, it has been reported.

Such incentives are among a number of measures taken to try to clinch sales for such properties, the Times reports.

Other tempters include buying the purchaser's house, footing the bill for upfront costs like solicitors' fees and stamp duty, or offering five years of free electricity.

Those purchasing for buy-to-let are sometimes being offered guaranteed rental incomes.

However, those hunting a bargain should be discerning to ensure they obtain properties that will grow in value in future years, chief executive of developer Isis Mark Ryder told the paper.

"You have to think what those areas are going to be like in five years' time," he advised.

Falls in the number of new homes being built have been recorded around the country this year, but the 2008 target of 29,000 to be built in the south-west may still be met, a survey has found.

Accountancy firm Bishop Fleming found that members of the industry still thought the target could be achieved if councils come up with the sites and pushed through planning applications, reports Swindon Business News.

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