New flats ‘lose quarter of value on resale’

The price of a new-build flat drops on average by more than one-quarter when resold, according to data from auction houses that also confirm the rise in socalled “distressed” sales. Financial Times (Saturday)

Property Week, 31 March 2008

According to data analysing sales over the past three years, the average price drop between official Land Registry figures and subsequent sales at auction was 26%.

The figures underline the crisis in the new home market and will exacerbate the fears of thousands of firsttime buyers who have bought flats off-plan - full article