Wednesday, October 1, 2008
Barratt slashes prices 43%; car manufacturers go to three-day week
Barratt Developments offered a 43% discount to buyers prepared to take five or more flats or houses off its hands in its Yorkshire East division. The six leading property agents in Leeds have between them sold just six new apartments in two months. "Prices of urban apartments appear to have fallen in many cases by 40 per cent to 50 per cent, volumes have dried up to virtually zero, many developers have gone bust and land in many cases appears to be worthless." Further evidence of an overall slump in the economy came with the news that many car manufacturers have been forced to bring in three and four day weeks as the motor industry faces its worst crisis in 30 years.