Buy our house and we'll give you back up to 15% if it loses value, offers desperate Barratt
One of the nation's biggest builders is promising to insure its new homes against a fall in the housing market in a bid to lure buyers.
The deal from Barratt Developments, which is thought to be the first of its kind in Britain, is valid for three years and covers against a possible 15-per-cent drop in the market.
It is among an array of freebies and deals for househunters, giving a stark indication of the pressure builders are under.
A Barratt home currently being built in Scunthorpe. The housebuilder has seen profits plummet this year
Barratt is also offering to pay stamp duty and acquire property in cases where customers are struggling to sell.
Mark Clare, chief executive of Barratt Homes
Chief executive Mark Clare said: 'What we are trying to say is, "If there are things that concern you as a customer, what can we do to help?"'
Customers, however, won't be able to take advantage of all the Barratt incentives as the cost would be too high.
The stamp duty deal on a £500,000 home, for example, would save a buyer £15,000 in moving costs.
The builder's 'price promise', meanwhile, could cost a whopping £75,000 on a property of the same value.
Other building firms are also offering deals to customers reluctant to shell out for a new home.
Taylor Wimpey promises to sell customers' old homes and pay for moving costs while Bellway will buy old houses to prevent hold-ups.
Persimmon offers to lend buyers the cash for up to 15 per cent of the mortgage.
