Barratt Developments is slashing up to 43% off the price of unsold flats, further highlighting the parlous state of the UK’s housing market.
The deep discounting has been uncovered by City analysts at Dresdner Kleinwort, which visited agents and consultants in Birmingham, Manchester, Leeds and Sheffield. The investment bank claims to have seen copies of a sales document sent by Barratt’s Yorkshire East division to property professionals offering up to 43% off specific properties to buyers prepared to buy five or more.
Analyst Alastair Stewart said: 'Prices of urban apartments appear to have fallen in many cases by 40% to 50%, volumes have dried up to virtually zero, many developers have gone bust and land in many cases appears to be worthless.'
Daily Telegraph
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