Once seen as a sure-fire way of making a small fortune, newly-built flats have become the worst victims of the housing market meltdown.Prices of new-builds in city centres have collapsed, with many sold at auction for a fraction of their value only two years ago.
In one case, a three-bedroom flat in Kelso Heights, a development on Belle Vue Road in Leeds, was bought for £237,999 in March 2006 but has just sold for £71,000 – a fall of £166,999, which is 70.17 per cent.
» Recession UK: The £238,000 flat that has lost 70% of its value in two years – The Daily Mail, 24th June 2008.