Incentives for new-build property buyers

The average price of a new-build home fell by 0.9 per cent during September, the third consecutive fall.

According to new information released by SmartNewHomes.com, new-build prices have now fallen 1.2 per cent in the past three months to £257,036.

In response developers have launched an offensive, offering a range of incentives to encourage more people to buy new-build property as the market slows.

"The recent price fall is not surprising considering the slowing market," commented David Bexon, managing director of SmartNewHomes.

"With many financial year-ends for house-builders taking place just before Christmas, the majority of developers will be acting quickly to sell units."

And first-time buyers are set to benefit from any sell off.

"This will come as welcome news to first-time buyers who are the lifeblood of the housing market and play a vital role in feeding a continued demand – if this group continues to delay purchasing their first home it could prove detrimental to the economy on the whole.

"The latest developer incentives, promoted through our site are expected to aid first-time buyers and reduce the affordability pressures currently preventing them getting onto the ladder."

According to the Council of Mortgage Lenders (CML), the average price of a first-time buyer property is surging past £150,000 - £25,000 above the lowest stamp duty threshold.

However, first-time prices vary across the country, from £220,589 in the East Midlands to £358,180 in Greater London.

Yet, discounts are available.

"Miller Homes is currently offering to pay mortgage subsidies and Fairview offers a first-time buyer solution to help people get onto the ladder.

"The Fairview ‘Move in Free’ offer includes five per cent deposit paid, stamp duty paid, purchase legal fees paid and even cash back too, to offer help when it's needed most," concluded Mr Bexon.