Developers 'conning' potential buyers
Developers are tricking people into buying property that is over-valued, it has been suggested.
Paul Holmes, chief executive of Firstrung, noted that schemes such as offers to pay deposits for new homes are masking high prices.
He explained that first-time buyers are being drawn in by such promises, but being asked to pay far more than a property is actually worth in the current climate.
Despite values falling significantly recently, Mr Holmes observed that he is "yet to see" prices adjusted properly.
And commenting on developers who offer to pay for deposits, he remarked: "They are making it look as though they're doing first-time buyers a favour when they're not. It's a con, quite frankly."
Mr Holmes recently noted that anyone thinking of making their first purchase still needs to obtain a large deposit, a fact that could prompt those hoping to live in London to rent accommodation instead.
Published 18th February, 2009
© 2009 Estates IT Limited
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Developers are tricking people into buying property that is over-valued, it has been suggested.