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Article: A flat in the block below sold for [pounds sterling]238,000 in 2006. Now it's been resold at auction for just [pounds sterling]71,000; Suffering: The Kelso Heights development near Leeds city centre.
- Article from:
- Daily Mail (London)
- Article date:
- June 23, 2008
CopyrightCOPYRIGHT 2008 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Becky Barrow
ONCE seen as a sure-fire way of making a small fortune, newly-builtflats have become the worst victims of the housing market meltdown.
Prices of new-builds in city centres have collapsed, with many sold at auctionfor a fraction of their value only two years ago.
In one case, a three-bedroom flat in Kelso Heights, a development on Belle VueRoad in Leeds, was bought for [pounds sterling]237,999 in March 2006 but has just sold for[pounds sterling]71,000 - a fall of [pounds sterling]166,999.
In another, a one-bedroom flat in Melbourne Street, Newcastle upon Tyne, wasbought for [pounds sterling]142,800 in May 2006. It sold at auction this ...
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