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Little Professor

Builders Forced To Slash House Prices

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HOUSEBUILDERS are slashing hundreds of thousands of pounds off the cost of new properties and launching an unprecedented range of incentives, as sales continue to tumble.

Advertised prices are being lowered by up to 20 per cent and it is thought these are likely to be negotiated down even further once the bargaining process gets under way. Desperate developers are also trying to entice potential buyers by waiving deposits for new-build homes, offering buyers the chance to get a mortgage for only 75 per cent of the property's value and allowing people to rent a house before they buy.

Some houses are even being sold with the promise of free grocery deliveries.

It is thought well over 2,000 new-build homes may be lying empty across Scotland due to the crippling impact of the economic downturn.

In Edinburgh, where experts say about three-quarters of homes are selling for less than the asking price, there are believed to be up to 700 new-build houses that are completed but unsold.

Developers are thought to fear the worst for the next 12 months, as the UK grapples with a recession. Scottish jobs are now disappearing faster than those in the rest of the UK.


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this is great. these houses are overpriced to begin with however once people get it into their train of though of asking for money off houses and discounts it will filter through more prominintly to the private market.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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