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Irish New House Prices Cut 40% In 2009...

Developers are offering substantially lower prices in the hope of shifting remaining units at schemes built in the last two to three years... PRICE CUTS of up to 40 per cent are being offered by builders in an attempt to get the stalled new homes market moving again and to clear unsold units. While price reductions are bringing many new homes back to pre-2006 prices and interest rate cuts have gone a long way towards improving affordability, lack of finance and negative sentiment remain as the big hurdles for potential buyers. A raft of new homes developers are hoping to shift remaining units at developments built in the last two to three years and are pitching prices at substantially less than the original asking prices. For many builders it is not a case of making a profit any more, it’s simply making some sales to cover the cost of building and paying off some of the debt on sites. Price cuts will be most prominent in large schemes on the edge of the city where developers have stru