Housebuilders 'in denial' over falling prices

Housebuilders are 'in denial' over falling house prices, despite house price falls across the country.

The Independent on Sunday reported that new homes cost 1.1% more in July than in the previous year, despite a fall in the market of 10.9%.

Developers are offering buyers a range of incentives including waiving legal and survey costs, as well as agreeing to pay stamp duty. But they are reluctanct to cut prices.