Kerrigans Estate Agency News.

Developers slashing prices of new homes in Doncaster.

Builders are knocking thousands off the values of their new developments in Doncas-ter as the credit crunch bites. Two major housebuilders in the borough have announced they are slashing their prices because they are struggling to sell homes.

The stagnant property market has forced developers to make reductions on new homes to lure buyers at a time when estate agents are closing due to a lack of transactions.

In one of the largest reductions, Charles Church has knocked £50,000 off one of its plots in Bessacarr.

The Centurion Field plots off Bawtry Road, Bessacarr, have been developed after the firm bought a large number of sizeable back gardens to create a new cul-de-sac.

But so far only three of the 16 detached houses have been sold.

This week the builders announced one of the plots has been reduced by £50,000 and is now on the market for £399,995.

The developers do not dispute the economic downturn is the reason for the big price drop.

A spokesman for Charles Church Yorkshire said: "We have reduced the prices at our Centurion Field development in Bessacarr to keep them in line with the current house prices in the area."

Meanwhile, Moorfield Homes has also cut its prices at its Lakeside development in Thorne.

Its one-bedroom flats on the development had been on the market for £117,500. But now prices have fallen to £109,500

Janine Bellamy, sales manager for the firm, said: "We understand the concerns about the economic outlook, falling house prices and a reduced appetite for risk and that is why we are doing all we can to offer reassurances and real price savings."

Doncaster representative of the National Association of Estate Agents, Anthony Kerrigan, was not surprised by the reductions in the market. He said he thought many new-build developments in the borough have been overpriced.

Date: Dec 08
Source: The Star