City centre apartment prices plummet

Investigative reporters working for the BBC’s Truth About Property programme have highlighted significant price falls in a number of new build apartments in Manchester, Birmingham and Leeds.

On the Aspect 14 development near Leeds city centre, one resident has seen the price of his apartment drop by £85,000 in 18 months.

For others the value of their apartments has fallen from £189,000 to £131,000 over the past two-and-a-half years.

Similar stories are told by the inhabitants of City Island, another Leeds development, where flats have sold for up to £50,000 less than their purchase price.

Inside Track, one of the property investment companies that promoted the City Island development, remains convinced that those who have invested in the apartments have nothing to fear in the medium to long term.

However, a similar downward trend in city centre apartment prices is evident in both Birmingham and Manchester.

Prices are reported to be falling by up to £50,000 at Birmingham’s Royal Arch and Centenary Plaza developments.

In Manchester, Blantyre Street and Deansgate Quay apartments are being sold for up to £40,000 less than their purchase price.

Curiously, the prices of some flats on these developments are rising, giving a wide variation within a specific development.

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