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Flat prices cut as market falls
02 October 2008
Barrat, one of Britain's largest housebuilders has reportedly cut 43% off the price of some unsold properties for people buyinmg at least 5 flats, according to analysts at Dresdner Kleinwort.
Analyst Alistair Stewart told one newspaper 'Volumes have dried up to virtually zero, many developers have gone bust and land in many cases appears to be worthless'.
Over the past 10 years the number of flats built and available has risen dramatically. Many have been built in Birmingham, Manchester and leeds as part of huge regeneration schemes.
However it's not all doom and gloom. There is speculation that the Bank of England will cut interest rates for the first time since April. Rates could fall to as low as 3.25%
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