Housebuilders struggle to sell new homes

Mortgage brokers and property experts have told i that housebuilders are having to "admit defeat" and offer large incentives or big price cuts to sell new homes. Property industry sources say higher mortgage rates and the absence of schemes that reduce upfront costs for buyers - such as Help to Buy loans - are causing more developers to struggle to get the money they want for new homes. Justin Moy, a mortgage broker at EHF Mortgages, said he recently had a client who had viewed a property valued by the developer at £425,000 and haggled the price down to £350,000. "The negotiation was over a six-month period. The properties were not selling, and the price had to be reduced accordingly," he said. 

I (06/10/2023)