Steep fall in value for many new build flats

Massive drops in the value of new build apartments in Manchester, Birmingham and Leeds have been uncovered by a TV property show.

One resident in the Aspect 14 development near Leeds city centre lost as much as £85,000 in 18 months, according to BBC’s The Truth About Property.

Other owners in the block have reportedly seen the value of their homes fall by £131,000 to £189,000 in two and a half years.

Another Leeds development, City Island, has suffered similar problems. Flats there have sold for up to £50,000 than the original purchase price, according to the BBC.

Blocks that have lost value in Birmingham include The Royal Arch Apartments on Wharfside Street and Centenary Plaza on Holliday Street.

In Manchester, Blantyre Street apartments and Deansgate Quay have seen reductions as high as £40,000.