Prices have been slashed on the latest phase of a Letterkenny housing development, with the company reducing costs by around €26,000.

Property developer Patrick J Doherty and Son has cut the cost of homes in The Forest development, in Ballymacool, to €189,000.

The three-bedroom semi-detached homes are the final phase of the development, and the man behind the move said this marks a positive step for buyers in Letterkenny.

Mr Doherty told local paper the Donegal News: "Over the last number of weeks we have listened carefully to the concerns of home buyers in Letterkenny and they are concerned about getting value for money."

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The developer said the latest Ballymacool homes provide value for money, and are aimed specifically at first time buyers and investors, with a price more reasonable than other new houses in the area.

Mr Doherty feels that by going "the extra mile" his firm will encourage those 'sitting on the fence' to take the leap and buy this year. Mr Doherty views this market stimulation as necessary, as he does not believe rates will come down until early 2009.

The decision to make a €26,000 reduction per house provides buyers with confidence that they are getting a better deal than at any point last year, according to Mr Doherty.

This will also result in lower mortgage repayments.

This is not the first time Patrick J Doherty and Son Limited has used novel means to invigorate sales in the Ballymacool district, previously the firm offered to pay new buyers' mortgages for the first year.

(PR/JM)