One of Britain’s best known builders, Barratt Homes has announced it will be slashing the prices of many of its homes as they are simply not selling.

The availability of mortgages grinding to a halt, particularly for first time buyers, coupled with overdevelopment in major cities has hit the housing market hard, with developers now resorting to fire-sale tactics for properties which has remained unsold and empty.

Barratt has been reported to be cutting prices by almost half for many of its properties, in particular city centre flats, where supply is hugely outstripping demand. This huge price reduction, being offered to investors who are purchasing five or more city centre flats, will result price cuts of up to 43% in certain areas, most notably in the Yorkshire East region, according to a Barratt statement.

As the price of city centre apartments reached massive heights towards the end of the property boom, it may come as no surprise that these properties are some of the worst hit for falling prices.

The news comes as reports today reveal that house prices have continued to fall for the eleventh consecutive month, by a record 12.4%. With the housing market showing no sign of improvement, Barratt’s price slash is unfortunately a possible indicator for things to come, with house prices continuing to fall month on month.