Anyone looking for confirmation that the property market is slowing need only look at the latest adverts for new-builds. Developers, clearly desperate to sell, are offering anything from £2,500 Ikea vouchers to £500 a month towards mortgage costs for two years in an effort to attract buyers.
Incentives aren't new to the industry free carpets have been thrown in for years but the offers have escalated to extreme levels in recent months. Miller Homes was recently offering to pay stamp duty, legal fees and mortgage repayments for the first year on some of its Letchworth properties, for example. On a £209,950 property, this amounts to a £14,000 discount.
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