While a top group of construction industry professionals has urged the Government to act swiftly and decisively on a range of proposals to help the fast-disappearing buying and selling process, a builder has bucked the trend and reported sales of over £13 million in just three days after slashing prices at a suburban Co Antrim development.

On foot of news that the Royal Institution of Chartered Surveyors (RICS) wants the Government to incentivise the issuance of new mortgage-backed securities and covered bonds to give investors the confidence to return to the market, NI firm Fraser Houses has seen 1,500 prospective purchasers clamouring for 'bargains' as the third phase of Aylesbury Place in Mayfield Garden Village, Glengormley was launched earlier this month.

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The properties snapped up included apartments reduced from £179,950 to £119,950, semi-detached houses cut from £229,500 to £139,950 and detached houses, which were advertised at a substantial reduction from £340,000 to £229,950.

There are already over 250 people on the waiting list for the next release.

Incentives offered by the company include a guarantee that if the buyer sells on the house for a lower price, the difference will be refunded by Fraser Homes.

The firm is also offering to pay the stamp duty on all house purchases in the current phase releases.

The heavily advertised cost-cutting aims to defeat a market that has seen housing sales in general at their worst level for 30 years.

The RICS has proposed a comprehensive set of measures which, it believes, would kick-start the market now and significantly improve the consumer's experience of buying, selling and occupying property in the future.

RICS cites tackling mortgage liquidity as the crucial first step towards rescuing the situation.

(BMcC)