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New-Build Facilities Fall Short Of Promises - Financial Times

Promises of “a state-of-the-art gym” or “the highest quality apartments in the city” have long been part of the sales patter that comes with the purchase of new-build flats.

But while these facilities were the norm in the good times, some are not being delivered in the current economic climate.

“We’ve had a number of people approach us stating that what the developer represented two years ago simply has not materialised – whether it is the promise of amenities, appropriate mortgage finance or capital growth,” says Anjan Patel at Neumans, a law firm in the City of London.

Developers have been hit hard by the property downturn which has seen many new-build flats, often bought as buy-to-let investments, suffer price falls of up to 40 per cent