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New build property:price cuts

Catherine Deshayes

Developers concerned at falling sales introduce price cuts which could help buyers get onto the property ladder

Price cuts of up to 40% and buyer incentives are being brought in by developers of new build properties.

Benefits include the paying of up-front fees, part-exchange and the provision of free gas and electricity, and these savings could allow new home buyers to take advantage and snap up a property at a reduced price.

While it may appear very tempting, don't be blinded by the reductions. Buyers should still take into consideration whether their bargain property is a solid investment, and whether it will increase in value over the coming years.

"Consider what those areas will be like in the next few years, and base your choice on that," says Mark Ryder, Managing Director of property developer Isis.

Despite the economic environment, developers do believe that new build targets for this year can still be achieved.