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October 2, 2008    

Barratt offers 43% discount on new homes

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by Gill Montia
Barratt offers 43% discount on new homes

Barratt Developments is less than optimistic about the future direction of UK property prices.

According to reports in The Telegraph and Daily Mail, the housebuilder is offering a huge discount to property investors who are prepared to buy five or more flats or houses from its Yorkshire East division.

This week, Nationwide reported that UK house prices fell by 12.4% in the 12 months to the end of September and Britain’s hard-pressed housing developers have been offering a variety of valuable incentives to private purchasers since the beginning of the summer.

However, it would appear that Barratt has come close to a fire sale for some of the stock lingering on its books, by offering investors a 43% discount on certain properties in East Yorkshire.

An offer of this magnitude on city centre apartments would not be surprising.

The market was flooded with overpriced flats at the tail end of the property boom, many of which have lost 50% of their value or are even regarded as unsaleable.

Barratt, which is the UK’s fifth-largest house builder, reported falls of over 40% in sales of private homes in the six months to the end of June.

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Tags: , , East Yorkshire, , housebuilder, houses