28/08/2008

NI Developer Cuts House Prices By 40%

A Northern Ireland building firm has slashed its house prices by almost 40%, in a fresh bid to inject life into the ailing property market.

Fraser Homes has trimmed £90,000 off the price of its semi-detached properties in Glengormley, reducing the price from £229,500 to £139,950.

This drop has been replicated in the price of detached houses, located on the Aylesbury Place development.

A dramatic £110,000 has been wiped off the cost of the homes.

Previously on the market for £340,000, the houses are now priced at £229,950.

The firm said the move has created a "can't refuse" offer for buyers.

Fraser admitted trading conditions are tough, and have pledged to stump up stamp duty on the properties.
News Image
The developer will also stand over a "price guarantee".

Should Fraser later sell the same house type for less, it will pay back the difference.

Bespoke mortgage packages and support are available on site.

The firm's Paul Fraser said: "Buyers are reluctant to enter into the market because of all the negative comment out there. The facts are, now is a good time to buy - if the right package is available."

Fraser's decision to cut prices so drastically has provided a deeper insight into the troubles being experienced by builders, across the island of Ireland.

The firm's offer applies to buyers purchasing a new home within the latest release of Aylesbury Place.

The mixed housing development offers two-bedroom apartments to three and four-bedroom detached and semi-detached homes.

(PR/JM)

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