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Developers align prices to meet buyer expectations
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David Bexon, Managing Director of SmartNewHomes.com, welcomes the introduction of a new valuation process and the tightening of standards, by the CML and RICS today, which will result in greater transparency within the new homes market:
“The introduction of greater transparency in the new homes market is welcome news for new home builders and new home buyers alike. At a time when mortgage availability is limited, this latest initiative will restore lenders with some much needed confidence when looking to lend on a new build home. By completing a ‘disclosure of incentives’ form everyone involved in the buying process will be much better informed and lenders are likely to feel more confident in offering loans on new build homes.”
Bexon, adds:
“The introduction of this new valuation process is unlikely to result in the demise of new home incentives. In the current climate, developers are doing all they can to entice buyers into the market and assist them in their purchase. This is being achieved with the removal of costs such as legal fees and stamp duty, which in the absence of any decisive Government intervention is one of the few things currently enabling people to move.
“At the moment it is being left to developers to shoulder some of the financial burden facing homebuyers, but hopefully the Government’s imminent rescue package will offer some assistance in this cause, and ultimately help developers meet its new home targets.”
See Also: Press Releases (371)
Date Published: 01 September 2008
