Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Developers Hold Firm on New-Build Prices Despite Slow Sales
Developers are reportedly resisting calls to cut asking prices on new-build homes that have remained unsold for extended periods. According to Property118, landlords interested in purchasing new-build properties are encountering reluctance from developers to lower prices, even when homes have been on the market for months.
Octane Capital analysed over 1,100 live new-build listings across England and found that 25% of these homes had been advertised for more than three months. The report highlights that a significant proportion of new-build properties remain unsold for extended periods, yet developers are not reducing prices in response.
This trend may be of interest to UK letting agents and inventory clerks monitoring the new-build sector, as it could impact the availability and pricing of rental stock. The reluctance to adjust prices may also influence landlords' decisions when considering new-build investments.
Source: Property118